62-005 Ordinance - Laserfiche WebLink

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CJO:cjl 12/ld/61 ~~-~ OR.DTNANCE N0. Erg= -2- Section ~.: That such anticipatory notes in the amount aforesaid shall bear interest at such rate, not exceeding four per centum (1~~) per annum, as may be fixed bd* the Director of Finance in his award thereof at private sale, such interest to be payable at maturity. Such notes shall be dated as of the date of issuance, shall be in such denominations as the purchaser may request, and shall mature on or before ons':year from said date. Section ~: Suer notes shall be executed by the iKayor and Director of Finance and bear the seal of the corporation. They shall be payable at the main Office of The National City Bank, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6: All assessments collected for the imr~rovement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7: Subject to the rejection of said notes by the officer in charge of the bond retirement fund, said notes shall be sold at private sale by the Director of Finance at not less thah the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said notes, ti~hen executed, to said purchaser thereof upon payment of such purchase price. The proceeds of such sale, other than premium, if airy, shall be paid into the tiroper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance, and premium received from such sale shall be paid into the Bond .+~.Atirement Fund. Section ti: Said notes shall be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said not®s and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the re- tirement of said notes at maturity, togetl~ r with interest thereon, and ere hereby pledged for such purpose. Section 9: In the event that such assessments are not levied ar bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said City for the pa~r- ment of such notes and the interest thereon. Section 10: The Clerk of Council is hereby directed to forward a certiri®d copy of this ordinance to the County Auditor. Section 11: Tnis ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the City, and for the further reason that prompt provision of funds is required to proceed with the construction of sewer improvements necessary for protection of the health of the inhabitants of the City; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the P~Zaw-or. PASSED: ~ a i 9~ ~ Vi 7 , ATTEST: ~ ~'Y~-aQ~c~ LOTIT;;F HALT,, C ~;, K OF COiTNC_ APPROVED: •~/ PA J . GA EAU, MAYO ~~~~ BRUCE Mai ONA D, PRESIDE OF COUNC ~~ /~h ~. ~.~~.~.