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<br />ORDINANCE NO. l o ~ °Z <br />BY: ~~~ _ , <br />AN OFi~INANCE PROVIDING FOR THE <br />ISSUANCE OF NOTES BY THE CITY <br />OF NORTH OL~`'TED, OHZO IN ANTI- <br />CIPATION OF THE COLLECTION OF <br />CURRENT RE9I~i1UES Ild AND FOR THE <br />FISCAL YEAR 2953. <br />~FtEAS, the City of forth Olmsted is without funds to meet current <br />expenses and carry on its usual municipal operations until a settlement is had <br />from tax collects©ns payable during the first half of 1953. <br />NO@~, THEREFORE, BE IT ORt}AINED BY THE COUNCIL OF THE CITY OF NORTH <br />OLMSTED, STATE OF OHIO: <br />Section 1. That it is deemed necessary to borro~r mosey in anticipation <br />of the collection of current revenues in and for the fiscal year 1953 for the pur- <br />pose of providing funds for paying current expenses and carrying on the usual <br />municipal operations of the City, and it is further deemed necessary to issue and <br />sell a note or notes in anticipation of the collection of said current revenues. <br />Section 2. That such anticipatory note or notes in an aggregate sum <br />not exceeding X30,000.00, which sum does not exceed one-half of the amount <br />estimated to be received from the next ensuing settlement of taxes for said fiscal <br />year as estimated by the Budget Commission of Cayahoga County, other than taxes <br />to be received for the psyyment of debt charges, and a]1 advances, shall be issued <br />and sold bearing interest at the rate of two per centum per annum if paid at <br />maturity. If not paid at maturity the rate shall be four per cent (lc~~ per annum <br />for the term of the loan beyond maturity. Such note or notes shall be dated as of <br />the date the said note or notes are sold and shall be consecutive7.tiy rnzmbered. <br />Such note or notes shall be executed and delivered at such tieae or times in such <br />number and in such manner as may be agreed upon by the Purchaser and the City. <br />Such Hots or notes may be redeemed by the City of North t77.m.sted when funds are <br />available for said purpose from the tax collections of the City, but such note or <br />notes shall mature not later than six months from the date thereof. <br />sectson 3. Such note or notes shall be executed by the Mayor and <br />~~ <br />Auditor and bear the seal of the municipal corporation; shall be designated t~Note <br />in Anticipation of Collection of Current Revenues" and shall be payable at The <br />National City Bank of Cleveland, North Olmsted Office; they shall express upon <br />