64-333 Ordinance - Laserfiche WebLink

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i ~(}( ~ ORDINANCE N0 . __~~~ Ta PROVIDE FOR AN ISSUE OF 1,300,000 PRINCIPAL APIOUNT OF NOTES IN Al+1TICIFATION OF THE ISSUANCE OF HONDS FOR THE PURPOSE OF PAYING " CITY'S PORTION OF THE COST OF EXT~EPt[?I~FG THE M[TAIICIPAL SFWERAf~ SYSTEM IN AREA ~ OF THE CITY, AND DECLARING AN EMERC~NCY WHEREAS, this Council has heretofore determined to undertake improvements to the municipal sewerage system recorarnended by its consulting engineers, and hereink- after described; and WHEREAS, Council finds it necessary to finance the City`s portion of the cost of such improvement by the issuance of the notes hereinafter provided for, in which connection the fiscal officer has certified as to the life of such improve- ment and the maximum maturity of said notes, and of the bonds anticipated thereby; Ohio: NOW, THEREFORE, BE TT ORDAINED by the Council of the City of North Olmsted, Section 1. That it is hereby declared necessary to issue the bonds of the City in the principal sum of $1,300,000 for the purpose of paying the City's portion of the cost of extending the municipal sewerage system in Area 3 of the City. Section 2. That said bonds shall be dated approximately the first day of December, 1965, shall bear interest now estimated at three and one-half per centum per annum, payable semi-annually, and shall mature in twenty annual installments after the~i: issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of bonds for the aforesaid improvement, it is hereby declared. necessary to issue and there shall be issued notes of said City in the amount of $1,304,000. Section ~+. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at such rate, but not exceeding 3-1j`~per~, as shall be spe- cified in the award thereof by the Auditor at private sale, such interest to be pay- able at maturity and until paid. Said notes shall be dated as of the date of their issuance and shall mature one year after such date. Such notes shall be executed in such number and such denominations as may be requested by the purchaser thereof. Direct0!' of Free Section 5 . Such notes shall be executed by the Mayor and.~.t"~.~ .' ~~~ ~ as~l bear the seal of the corporation. They shall be payable at the office of RRie National. City Bank of Cleveland, Cleveland, f't~o, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Said napes shall be first offered to the officer in charge of the Bond Retirement Fund, so many of the same as shall not be taken by said officer shall be sold by the Director of Finance at private sale at not less than par and at an interest rate not greater than the maximum specified in Section ~+ hereof . The groom, ~- ceeds derived from such sale, shall except for premium, if any, be paid into the pro- per fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium received shall be paid into