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64-255 Ordinance
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64-255 Ordinance
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2/12/2014 10:23:45 AM
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2/6/2014 9:19:22 AM
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North Olmsted Legislation
Legislation Number
64-255
Legislation Date
10/20/1964
Year
1964
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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 64 - G~ ~~ <br />BY ~'! <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY <br />AND COLLECTION OF SPECIAL ASSESSMENTS FOR THE CON- <br />5TRUCTION OF CERTAIN SIDEWALKS IN SAID CITY, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, council has by due proceedings made provision for the <br />sidewalk construction hereinafter described and for the levy of assessments <br />to pay the cost thereof, such construction to be financed by the issuance of <br />bonds and of notes in anticipation thereof; and <br />WHEREAS, the fiscal officer of the City has certifiedf~e maximum <br />maturity of such bonds to be five years, and of such notes to be five years if <br />sold publicly or one year if sold at private sale; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the <br />City of North Olmsted, State of Ohio: <br />Section 1: That it is deemed necessary to issue bonds of the City <br />of North Olmsted in the principal sum of Sixty-four Thousand Four Hundred <br />Fifty Dollars ($64, 450.00} in anticipation of the levy and collection of assess- <br />ments for the construction of the sidewalks described and provided for in <br />Resolution No. 64-151. Said bonds shall bear interest at the estimated rate <br />of three and one-half per cent (3 1/2%) per annum, and shall mature in five <br />annual installments. <br />Section 2: That it is necessary that a note shall be issued in anti- <br />cipation of the isuance of said bonds. <br />Section 3: That such note in the amount of Sixty-four Thousand <br />Four Hundred Fifty Dollars ($64, 450.00} shall be issued bearing interest at <br />the rate of two and ten-hundredths per centum (2, lobo) per annum, payable <br />at maturity of said note, shall be dated as of the date of issuance, and shall <br />mature on or before one year after date. <br />Section 4: Said note shall be executed by the Mayor and Director <br />of Finance, shall bear the seal of the municipal corporation, shall be payable <br />at the National Oity Bank of Cleveland, North Olmsted Brand, North Olmsted, <br />Ohio, and shall express upon its face the purpose for which it is issued and <br />that it is issued pursuant to the provisions of this ordinance. <br />~,: <br />Section 5: Said note shall first be offered to the Director of <br />Finance of the City, having charge of the Bond Retirement Fund of the City, <br />and, if rejected by him, then said note shall be and it is hereby awarded to <br />The National City Bank of Cleveland at its par value. The proceeds thereof, <br />other than the amount necessary to pay interest upon such note which amount <br />__ shall be transferred to the Bond Retirement Fund, shall be paid into the <br />proper fund and used only for the purpose aforesaid. <br />r <br />
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