64-214 Ordinance - Laserfiche WebLink

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.?, _- ORDI1alICE lp. L .• AN ORDII1AlIC= /1UMlEIZINf3 THE ISSt1ANCZ 0F A IIO'1'B IN AllPMIPATIO11 ?-6 OF THE ISSWIM OF BONDB AND Ol? TO LZVY Alm COI.LI.'TI'0N OF 8MIAL A3SFSSMCNi'B YOR THR OOWZAtX.'TIOlf a!' CER'PAIN SIDBWAIICB IN SAID C1'!'ip AND DECURIIId AA EMXFGFN•'Y iiHSMB, Council has by due proceedin8• made DroviaiOn !or the sidowal]c oon- struction herelnefter deacribed and Por the lwy of ssaessmente to psy the aost thereof, suah construction to be financed try the issusact of bonds and of no'tes ia anticipation thereof; end Wf?REA9, the fisael officer of the City has certified the eeucimum msturity of suah boade to be five yeers, and.o2 such notes to be five yenrs if sold publiely or one year it' sold at privete sale; pOWO TMMAgJ, BE IT OFMIM by the Council of the City of lbrth Olmted, Stete o! Qhio: Section 1. That it is dNmed necessary to isswe bonda of the City of bortih Olmsted in the principal sum of Sevtnty Thousand Nine flundred Dollars 070, 900) _-? - in enticipatian of the levy, and collection of aasessments for the eonstiivct3on the sidewslYcs elescribed and provided for in Aeeolutioa tio. 64-151. • 64•VY3. 9aid bonds she11 bsar interest at the eatimated rate of thres a,nd am-halt per cent (3-1/2%) per annum, and ahall cmture in fiw annual inatall.menta. Section 2. Thnt it is necessary that a note shall be issued in antiaipation of the iasueace of said bonds. G Section 3. That such nOtO ia thE ameunt of 8evOuty Thauaad Nine Htmdr*d Dol- lars ($70, 900) shall be isswd bsarin8 interest at t?ht rste of two and t.tn•hMtrifths per centum (2.10%) Per annum, payable at natut'itY of aid n*U,, shall be dat.ed as of the date of issuanee, and sha.ll me?ture on or bttore oue year atter lYtto• 8ection 4. 3eid note shnll be executed by tlu MkYor arA Director of FinSneS, sha]1 bear the sesl of the amicipsl corpontionp shall be paYe?ble st Tht National City BnrA of Clevaland, North Olmsted Branch, Iioith OLmsted, Ohio# atd ahsll OXP"ss upon its face the purpose Por iftich it is isaued N?d that it is isaued pursuaat to the provisions of this ordinance. . ? Section 5. Said note shall Pirat be offered to the Director of FinsDao of the City, having charge of the Bond Aetirement Furid of the City, and, if rejeQtAd by himo then said note shall be and it is hereby avar8ed to 'lhe lational City Baisk of Clevel.sud ? at its par value. Zhe proceeds thereof, other than the amount necessary to M interest upon such note j+hich amount shall be trarisferred to the Bond Ratirlment Iwad, ? she?11 be paid into the proper tuud and used orily for the purpose eLforesaid. 9ection 6. 3aid note shsll be the full genoral obligstion of the City of 1brCh Olmsted and the ful.l faith, credit and revenue of aaid City e?re hereby plldged !or tht prompt gqyment of the same. The par value to bs raceived from the 8ale of bOads anticipated by said note and any excess funds resultiag from the iasuanct of ssid y: . ? ,. i ?