64-036 Ordinance - Laserfiche WebLink

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G~ L~_~9' ay: Mr. Leonard ©~~~'~ ~' ~~~~=-~---.- AN ORDINANCE TO PROV"C73E FUR THE IS,SVANCL OF AiQTES IN ANf2CIFATIUN OF THE IS3UAPICE 0~' BUNDS AND. OF ' IVY ~F SPECIAI, ASSES5I~NTS FUR THE CU1~S9:~crxoN dF A wA~ER r~A~N ~N 1~`UR~S PA~dc SNWER DI.3TRICT, AND DECLARTI~ AN II~G~'CY WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of improving the street hereinafter designated by constructing a water main, and WAS, the Director of Finance, as fiscal officer of the City, has certified as to the maximum maturity of the bonds proposed to be issued and also as to the maturity of the notes herein authorised; NOW, TFIEREE'URE, BE IT ORAAINED by the Council of the City of North Olmsted, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of ~ 16,972 for the purpose of paying, in anticipation of the collection of special assessments for the construction of a water main in North Fark Drive between certain termini. Section 2. That said bonds sha11 be dated approximately Maxch l~ 1965 , shall bear interest at the estimated rate of three .per centum j~~r arum, pe~yable semiannually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy of special ease is and of the issuance of the aforesaid bonds far the above described improvement, it is hereby declared necessary to issue anti there shall be issued notes of said City in the principal amount of ~ 16,97,E Section ~+. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of 1pp per centum ( la".:9~ '~) per annum, such interest to be pays eat maturi y. Such notes shall be dated as of the date of issuance, shall be in such denominations as the purchaser may request, and shall mature on or before one year from said date. Section 5. Such notes sha11 be executed by the Mayor and Director of Finance and bear the seal of the corporation. They sha]1 be payable at the Main Office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpended balance remainizag in the improvement fund after the costs and expenses of said improvement have been paid, shall. be applied to the payment of said notes and the interest thereon until both are fully provided for.