64-215 Ordinance - Laserfiche WebLink

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001*41.- r?? oIMINA?E NO. _. ?..?.?.?' ! AN ORDINAHC? wUTHDRrLIbG ? THE I86WEs OI' A 1101'Z IIt ANICIPATION OF THE ISStiAMX 0F B0MB FOA = RAWM OF PtM$A$M NEW MMIPAL BtISES AND lDqtTlplCiT NICESSM T? IFOR USE Y11 '1'M OPERATM OF THE NORrH OLMSTW MMIPAL CQACH LIIMO AMD DICURIlG AN DMIG= ? WHCRF.AB, Council has determined it to be mcesssry to require additioaal buses ? and equipment for the Municipel Bus Line aad to linnuce the same byr tle issuanca or bonds and of notes in anticipation thereof; and WHEWAS, the fiscal otYicer of the City has certified the matimum maturity of such bon6s to be five years, and of euah notes to be five years if eold publicljr or one year if eold at private sals; NOW, THIMPOU, BE IT ORDA711ED by the Council of the City of llort?b Olmsted, State of Ohio; w Section l. That it is deemed necessary to iasue bonds of the,City o! lbrth 0lmtMd in the principel sum of Fifty-25rN Thousane Nsne Hwmdred Doilsre 053,900) s:? order to provide a fund for the puxpose or pureha$ing ?.? ntw ?ieipal 'bt?ses atLd equipment necessary thereto for use in the oprra?ibn o! tbe fiorth Olmat.Od MMicipal Coach Line. 8aid bande shall be isauafl in the principr?1 aum o! $51,900 !or the purpose atorosaidp shall btar intereat at the eatiaat.ed rs#,e or three and pne_halt per cent (3-1/2%) per annum, and shall msture in five aunttsl installmfnts. 3ection 2. Zhat it ia neaessnry that a note sha11 be issued iri tatiieipetiaa of the iseuance of aaid bonda. 9ection 3. Thst swch note ia the amount o! Fifty-Thfte Thousand Itixe Htitndred mllarg ($53,900) shell be iasued bearing interest at the rste of two and teu httadrodths per centum (2.10%) per annwn, pe,yable at maturity of said note, sha11 be dated as of the date of issuance, and sha11 mstUre on or before one yeer after datt. Section 4. 3sid note aha11 be euecuted by the Me,,yor and Director of Finance, shall bear the seal of the muaicipel corporation., shall be pqysble at Th@ jktlonal, City Ba.nk of Cleveland, Nortih Olmeted Branch, Nor-th 0lmsted., Ohio,0 and shall dXpreas upon its face the purpose for Which it is issued and that it is iasued purauattt to the provisions of this ordineace. Section 5. Sa,id note sha],1 first be ofPered to the D;i)rector of Finance or tbe City, having charge of the Bond Retirement Fund of the Cit3i, and, it' rejeCtdd by h?? then sa aote shall be and it is hereby?a?dod to ?e ?tio? C3t at its p? value. The proceed$ thereof shall be paid into the y?? of Clev?.and on]y for the purpose aforesaid. p?per tund ?g u,? Section 6. Said note sha11 be the full general obligation of the City oY NoM Olmsted and the Pull faith, credit and revernye of said City are hereby pledged f'or the prompt payment of the same. The par value to be received from t2ie sale otbonds anticipated by :>aid note and any excesa - fvmAe resulting from the issuanCe of seid note shall, to the extent necessary, be used onl;;r for the retirementt oF said note at maturity, together with inter«st thereon, and is hereby pledged Por such purppse.