64-214 Ordinance - Laserfiche WebLink

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~ - ~~ ~ ~,1~C,tJ`U ORDINANCE N0. _ -' a ~, f WHEREAS, Council has by due proceedings made provision for the sidewalk con- struction hereinafter described and for the levy of assessments to pay the cost thereof, such construction to be financed by the issuance of bonds and of notes in anticipation thereof; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of such bonds to be five years, and of such notes to be five years if sold publicly or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1. That it is deemed necessary to issue bonds of the City of North Olmsted in the principal sum of Seventy Thousand Nine Hundred Dollars ($70,yC30) in anticipation of the levy and collection of assessments for the construction of the sidewalks described and provided for in Resolution No. 6~+-151 and Resolution No. 64-153. Said bonds shall bear interest at the estimated rate of three and one-half per cent (3-l~~) per annum, and shall mature in five annual installments. Section 2. That it is necessary that a note shall be issued in anticipation of the issuance of said bonds, Section 3. That such note in the amount of Seventy Thousand Nine Hundred Dol- lars ($74,900) shall be issued bearing interest at the rate of two and ten-hundredths per centum (2.10'0 per annum, payable at maturity of said note, shall be dated as of the date of issuance, and shall mature on or before one year after date. Section ~+. Said note shall be executed by the Mayor and Director of Finance, shall bear the seal of the municipal corporation, shall be payable at The National City Bank of Cleveland, North Olmsted Branch, North Olmsted, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to the provisions of this ordinance. Section 5. Said note shall first be offered to the Director of Finance of the City, having charge of the Bond Retirement Fund of the City, and, if rejected by him, then said note shall be and it is hereby awarded to The National City Bank of Cleveland at its par value. The proceeds thereof, other than the amount necessary to pay interest upon such note which amaunt shall be transferred to the Bond Retirement Fund, shall be paid into the proper fund and used only for the purpose aforesaid. Section 6. Said note shall be the full general obligation of the City of North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of bonds anticipated by said note and any excess funds resulting from the issuance of said AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE IN AiV'I'ICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS ~'t?R'THE CONSTRUCTION OF CERTAIN SIDEWALKS IN SAID CITY, AND DECLARING AN EMERGENCY