64-312 Ordinance - Laserfiche WebLink

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~ ~ ORDINANCE N0. ~j '"„~J,~,,,,~ WHEREAS, for the financing of the improvements hereinafter described, Council by Ordinance No. 63-259 authorized and caused to be issued a note in the amount of $18,000, dated January 1, 196, which will mature on December 31, 196+, and, it being impossible to complete the assessment procedure requisite to permit issuance of the bonds anticipated thereby in time to meet such note at maturity, it is necessary to issue a new note in amount sufficient to pay off and retire the principal of said outstanding note at its maturity; AN ORDINANCE PROVIDING FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECL4L ASSESSMENTS AND THE ISSUANCE OF BONDS TO PAY. THE COST OF CONSTRUCTING SIDEWALKS IN SUNNY DESIGNATED STREETS, AND TO RETIRE NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE AND ABOtF.P TO MATURE, AND DECLARING AN EMERGENCY NOW, THEREFORE, BE IT ORLIAINED BY THE COUNCIL OF THE CITY OF NORTH OLN~TED, OHIO: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $1$,000 in anticipation of the special assessments to be levied for the purpose of constructing sidewalks in Walter Road,. Lorain Road and Columbia Road as described in Resolution No. 63-159 passed July 16, 1963. Section 2. That said bonds shall be dated approximately November 1, 1965, shall bear interest at the estimated rate of three and one-half per centum per annum, payable semiannually until the principal sum is paid, and shall mature in five {5~ substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy of special assessments and of the issuance of the aforesaid bonds for the above_:described improvements, and to retire and pay off the maturing principal of the outstanding note hereinabove recited falling due on December 31, 196, it is hereby declared necessary to issue and there shall be issued a note of said City in the aggregate amount of $18,000. Section ~+. That such anticipatory note in the amount aforesaid sha1.1. bear interest at the rate of two & fifteen/hundredths per centum { 2.15 ~) per annum, payable at maturity, shall be dated December 31, 196., and shall mature on or before December 31, 1865. Section 5. Such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation, shall be payable at the office of the Director of Finance, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. All assessments col7.ected for the improvements aforesaid,. and any unexpended balance remaining in the improvement funds after the costs and expenses of said improvements have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said note by the officer in charge of the Bond_Retirement Fund, said note is hereby awarded and sold to The National City