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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ?p g ?' I?'!?
<br />BY D/?? LC?•O?
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF A T1CII'E IN ANTI-
<br />CIPATION OF THE ISSUANGE OF BONDS AND OF THE LEVY AND
<br />COLLECTION OF SPFCIAL ASSESSMENTS TO PAY THE COST OF
<br />INSTALLING SIDEGJALKS IN VARIOUS AREAS OF THE CITY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance IJo. 67-244 passed October 17, 1967, a note
<br />in the amount of $9,600 and dated November 15, 1967, was heretofore issued for the
<br />purpose hereinafter mentioned, which note matures on November 15, 1968; and
<br />WHEREAS, this Council has now determined to issue a new note and retire
<br />the presently outstanding note with the proceeds thereof; and
<br />? WHEREAS, the f iscal officer of the City has certified the maximum maturity
<br />of such bonds to be five years, and of such notes to be five years from the date of
<br />issuance of the original note, to wit: November 15, 1972, if sold pubZicly, or
<br />one year if sold at private sale;
<br />NOW? THEREFOREJ BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio;
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in'the principal sum of $9,600 in anticipation of the collection of
<br />special assessments to pay the cost of installing sidewalks in various areas of the
<br />City where property owners have failed to comply with notices to construct such
<br />sidewalks, which sidewalks are described in Resolution No. 67-101 adopted
<br />March 21, 1968. '
<br />Section 2. Tnat said bonds shall be dated a,pproximately November 1, 1969,
<br />shall bear interest at the estimated rate of four per centum (4%) pe.r annum, payabl.e
<br />semi-annually,•until the principal sum is paid, and shall mature in iive substantially
<br />equal anntzal insta1.lments after their issuance.
<br />Section 3. That i'or.the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and in anticipation of the levy and collection of
<br />special assessments for the above described improvement and to retire the outstanding
<br />note issued for such purpose, it is hereby declared necessary to issue and there
<br />shall be issued a note of said City in ?he principal amount of $9,600.
<br />Section 4. That such anticipa{;,ory note in the amount aforesaid shall bear
<br />interest at the rate of three and eighty-hundredths per centum (3.80%) per annum, such
<br />interest to be pa,yable at maturity. Said note shall be dated Novernber 15, 1968, and
<br />shall mature on or before November 15, 19069• Said note shall be signed by the Mayor
<br />and by the Director of Finance, shall bear the corporate seal of the City, sYiall be
<br />payable at the of'fice of The National City Bank of Cleveland, Cleveland, phio, and
<br />shall express on its face the purpose ior which it is issued and that it is issued
<br />pursuant to -this ordinance.
<br />Secticn 5. Subject to the rejection of such note by the Director of Finance
<br />for in-restment in the Bond Retirement Fund, such note is hereoy awarded and sold to
<br />The National'City Bank of Cleveland at par and accrued interest. The proceeds from
<br />such sa1e, except any prenlium arid accrued interest, shall be paid into the proper
<br />fund and used for the purpose aforesaid and for no other purpose. Any premium and
<br />accrued interest shall be deposited in tne Bond Retirement Fund.
<br />? Section 6. Said note shall be the full general ob1igation of the City and
<br />the full faith, credit and revenue of such City are hereby pledged for the prompt
<br />payment oi the same. The par value to be received frorn the sale of tne bonds anti-
<br />cipated by said note and any excess funds resulting from the issuance of said note
<br />shall to the extent necessary be used only for the re-tirement of said note at maturity,
<br />together with interest thereon, and are hereby pledged for such purpose.
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