68-172 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED BY ORDI NANCE N0. 4g-174 AN ORDI NANCE AUTHORI Z I NG THE I SSUANCE OF A NOTE i N ANTI CI PATI ON OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE CI TY' S SHARE OF THE COST OF CONSTRUCTI NG SANI TARY SEWERS AND NECESSARY APPURTENANCES IN ZONES 2 AND 3 OF THE CITY, INCLUDING THE ACQUISITION OF THE NECESSARY REAL ESTATE AND INTERESTS IN REAL ESTATE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 67-237 passed October 3, 1967, a note in the amount of $150,000 and dated November 15, 1967 was heretofore issued for the purpose hereinafter mentioned, which note matures on November 15, 1968; and WHEREAS, this Council has now determined to issue a new note and retire the presently outstanding note with the proceeds thereof; and WHEREAS, the fiscal officer of the City has certified the maximum maturity . of such bonds to be thirty-five years, and of such notes to be five years from the date of issuance of the original note, to wit: November 15, 1972, if sold publicly, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $150,000 for the purpose of paying part of the City's share of the cost of constructing sanitary sewers and necessary ap- purtenances in Zones 2 and 3 of the City, including the acquisition of the necess- ary real estate and interests in reat estate. Section 2. That said bonds shall be dated approximately November l, 1969, shall bear.interest at the estimated rate of four and one-half per centum (4-1/2%) per annum, payable semi-annuatly, until the principal sum is paid, and shall mature in twenty-five substantially equal annua) instatlments after their issuance. Section 3. That for the purpose of raising money in anticipation of the is- suance of the aforesaid bonds for the above described improvement and to retire the butstanding note issued for such purpose, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $150,000. Section 4. That such anticipatory note in the amount aforesaid shalt bear interest at the rate of three and eighty-hundredths per centum (3.80%) per annum, such interest to be payable at maturitya Said note shall be dated November 15, 1968, and shall mature on or before November 15, 1969. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable at the office of The National'City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5. Subject to the rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note is hereby awarded and sold to The National City Bank of Cleveland at par and accrued interest. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and revenue of such 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 note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such pur- pose. , u