67-237 Ordinance - Laserfiche WebLink

Home Browse Search

?r CITY Ob' NORTH OLMSTED ORDINANCL N0. b 7- 7,3 7 BY AN ORDINANCE TO PROVIDE FOR THE ISS"UANCE OF A NOTE IN ANTICIPATION 0F TIiE ISSUANCE OF BONDS FOR THE Pt7RPOSE OF PAYING PA1;T OF THE CITY' S SHAM, OF THE COST OF CUNSTRUCTING SANITARY SEWERS AND NECESS.ARY APPURTL7VANCES It1 'LONES 2 AND 3 OF THE CITY, INCLUDIPTG THE AGQ.UISITION OF THE TdECESSARY REAL LSTATE ANl7 INTERESTS IN REAL ESTiITE, 11ND DECLA.RING AN EMERGIIiCY. WHEREAS, the Director of Finance, as fiscal ot'ficer of the City, has heretofore certified the estimated life of the property and the maximum maturity of the.bonds and notes proposed to be issued; NOTrl, THEREFOR1,1, BE IT ORI)AINED by the Council of the City of North 0lmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in 1:he principal sum of $150,000 for the pur- pose of pay3ng part of the City's share of the cost of constructing sanitary 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. Section 2. That said bonds shall be dated approxiraately October l, 1968, shall bear interest at the estimated rate of four and one-half per centum (4-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-five substa,ntially equal annual install.- ments after their issuance. Section 3• That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described purpose, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amounl; of $150,000. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding four and one-half per centum (4_1/2%) per annum as may be fixed by the Director of Finance in his award of said note at private sale. Said note shall be dated as of the date of issuance and shall mature on or before one year from such date. 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 BanY. 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 shall be sold by the Director of Finance at private sale for not less than par and accrued interest and at an interest rate not exceeding that mentioned in Section 4 hereof. The proceeds fram such sale, except any premi.um and accrued interest, sha11 be paid into the proper fund and used for the pur- pose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 6. Said note sha1.1, 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 shal.l 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 purpose. . , ?t.