70-061 Ordinance - Laserfiche WebLink

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f i i Jt Lry " ?.. ? - G - annum., as may be fixed by the Director of Fina,nce in his atfard of said notes at private sale. Such notes shall be dated Maxch 27, 1970, shall mature on July 27, 1970, and shall be in such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of the Nationa,l City Bank of Cleveland, Cleveland, Ohio, and shall express upon their faces the pur- poses for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of such notes by tre Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not exceeding eight per centum per annuma The proceeds fxom such sale, except any premium and aecrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. 11ny premium and accrued interest shall be deposited iri the Bond Retirement Fund. • Section 7. Said notes shall be the f?.i.ll general obligations of the City and the full faith, credit and revenue of such City are hereby pledged for the prcm-Ot payment of the same. The par value to be received fram the sale of the bonds anti- cipated by said notes and any excess funds resulting fron the issuanee of said notes shall to the extent necessary be used only 1'or the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. All assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and expenses of such improve.ment have been paid, shall be applied to the payment of said notes and the interest thereon until both are fu11y provided for. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the pa5nnent of sa,id nates at maturity, a general tFZx shall be levied against all of the property in said City for the payment of such notes and the interest thereon. Section 10. It is hereby de'termined and recited that all acts, conditions and,things necessary to be done precedent to and in the issuing of said notes in order to make th,e same legal, valid and binding obligations of the City of North. Olmsted have happened, been done and perf'ormed in reg by law and that no limita,tion of indebtedness or taxation,eather statutoryeorlred constitutional will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby authorized and directed to for- ward a certified copy of this ordinance to the County Auditox of Cuyahoga County. Section 12. This ordinance is hereby declared? to be an emergency measure necessary for the preservation of the public peace., wel.fare and safety of this City., and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds with which to retire a, presently outstanding note and thereby protect the credit of this City; wherefore, this ordinance shall take effect and be in force imnediately upon its passage and ap- proval by the Ma,yor. PASSID: 1970 cw ATTEST: ; Nora T. Hi11, C1erK of Council ArPxov.m: 3/io7a R h E. Christman, Mayor ,. y F3°a?te:???-r?;?b Pres -of`--Co cil Dew H Limpert, Acting President Pro Tem ? ?c<? : ra???_.ur?? •?'_ ,: c:.; "`r'<) ?