67-072 Ordinance - Laserfiche WebLink

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? ? . BY CITY OF NORTH OLNLSTF.D ORDINANCE N0. ? AN ORDINANCE AUTHORIZING THE ISSUAPJCE OF BONllS BY THE CITY OF NORTH OLMSTID POR THE PURPOSE OF PAYSNG TFIE CITY'S PORTIOP7 OF THE COST OF EXTENDING AND IMPROVING 'I'HE MU1V'ZCIPAL SAIVITl1RY SELdL13AGE SYSTFM BY CONSTRUCTING SANiTARY SL'4tiT.ERS AIVD NECESSARY APPURTIlVASJCES, AND DECLARING ATS IIMEftGENCY o WHEtFAS, notes in the amounts of $1,300,000 and $138,000 have been issued pursuant to Ordinance No. 66-59 and Ordinance Tdo. 66-207, respectively, in anticipation of the bonds herein authorized, which notes are about to mature; and WHL'REAS, the Director of Finance, as fiscal afficer of this City, has heretofore certified tn.e estimated liFe of the property and the maximum maturity of the bonds proposed to be issued, NOW, THIIREI'ORE, BE IT ORDAINID by the Council of the City of North Olmsted? Ohio; ' Section l: That it is hereby declared necessary to issue bonds of the City of North 0lmsted, in the prir.cipal sum of $1.,490,000 for the purpose of paying°the City`s portion of the cost of extending and improving the municipal sanitary seiaerage system by constructing sanitary sewers and necessary appurtenancesa Section 2: Said bonds sha11 be issued in theprincipal amount of $1,490,000 for the purpose aforesaid. The said bond.s shall be dated April l, 1967, shal.l be issued in the denomination of $5000 each, shall be numbered from 1 to 298, both inclusive, and shall bear interest at the rate of four per centum (4f) per annum, payable semi-annually on the first day of'June and the first day of December of eacti year beginning December l, 1967, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specif'ied, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bands shall mature in their consecutive serial order as follows: . $55,000 on December 1 in each of the years 1968 and. 1969; and $60,000 on December 1 in each of the years from 1970 to 1992, inclusive; which maturities are hereby determined to be in substantial.ly equal annual installments. Said bonds sha.ll be callable at par in whole or in part at the option of the City on December 1, 1988 or on any_interest payment date thereafter. If lews than the entire unmatured portion of said bonds is called for redemption at any time or from time to time, they shall be - called in their inverse serial nusnber sequence. pny right of redemption of ? bonds shall be exerczsed by resolution or ordinance of Council and notice of redemption, specifying by number the bonds to be cal:led, shall be published once a week for two consecutive weeks in a financial journal of national circulation, the first publication to be not more than forty nor less than thirty days prior to the date of redemption, upon which date all interest upon the bonds so called shall cease. ; ?