64-301 Ordinance - Laserfiche WebLink

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~~~ . lrU ~%~-~. ORDINANCE N0. AN ORDINANCE TO P1~VIDE FOR THE ISSUANCE OF A NO'T'E OF THE CITY OF NORTH OLMS"1'ED IN ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEFTY AND COLLECT OF SPECIAL ASSESSI~k.~N't'S FOR THE CONSTRUCTION OF SIDE- WAIKS IN FLEHARTY ROAD, AND DECLARING AN EMERGENCY WHEREAS, by Ordinance No. 64 - 246 passed October 20 , 1964, this __ __ Council has levied assessments for the improvement hereinafter dascr be , an s determined to issue and to sell into the Bond Retirement Fund, pursuant to arrange- ment made with the officer in charge thereof, a note for the unpaid portion of such assessments; and WHEREAS, the fiscal officer has certified to the estimated life of such improvement and the maximum maturity of such notes and of bonds anticipated thereby; NOW, THEREFORE, BE IT ORt1AINED by the Ccu ncil of the City of North Olmsted, Ohio; Section 1. That it is hereby deemed necessary to issue the bonds of the City of North Olmsted in the principal amount of $ 979.5.8 , in anticipation of the collectign of special assessments levied for the construction of sidewalks in Flaherty Road as provided in Resolution No. 64-246 passed tober 20„_ , 19643 and said bonds will be dated approximately fie~° '~1,, '~ Jq will bear interest at a rate estimated at throe and one-half par centum per annum, payable semiannually, and will mature in five annual installments after their issuance. Section 2. That it is necessary and this Council hereby determines that a note in the principal amount of $ g7q,5$ shall ba issued in anticipation of the issuance of said bonds and to pay the costs of such construction. Section 3. That said note shall be dated ~~~cir ~'.~, ~~, shall mature on or before .'n° 1:;,, 1.,~, and shall bear interest at the rate of two and one-half per centum (2-1~2"~i} per annum, payable 1~lu.~:.. 11„ ~~ and semiannually thereafter on =uiu~lr~d-~ li and :~~erl 1 of each year until the principal sum is paid. Section 4. That such note shall be executed by the Mayor and Director of Finance, steal 1 bear the corporate seal of the City, shall be payable at the office of the Director of Finance, City of North Olmsted, North Olmsted, Ohio, shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5. The director of Finance as officer in charge of the Bond Retirement Fund having advised that he will be able and willing to purchase said note for investment therea,n, said note is hereby sold to said Bond Retirement Fund at par plus accrued interest. The proceeds of such sale, other than accrued interest, if any, shall be paid into the proper fund and used for the purpose for which said note is issued under the provisions of this ordinance. Any accrued interest mall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law.