64-029 Ordinance - Laserfiche WebLink

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-~ ''~ `' x /r, t~2DINANCE N0. ~ `~ ,~--- AN ORDINANCE TD PROVIDE FOR THE ISSL(ANCE OF A NO'1'E OF THE CITY OF NC~tTH OLIMBTED IN AF+i'I'ICIPATSON OF THE ISSUA~IGE OF BCJ~S TO PAY CITY~5 Pf~3TI(J[+1 OF ' COST OF Ct~STRUCTING A WATER LT1~E IlY WALTZ ROAD AND TO RETIRE A Nf)'I'E PREtiTIOUSLY ISStTED. AND (?tl~`:t'ANDIlfiG~ Al~'D T3~CL4~RING AH E1~RG~S'~I+TCY WH+ ~ 5~ for the financinS of the improvements hereinafter described, Council by Ordinance No. 62-140 authorized and caused to be issued a note in the ~-.te amount of $12,500, dated September 6, 1962, and issued to pay both the ~se~sable portion and City~s portion of the cost of such improvement; and WFl'EREASj the assessable portion thereof, to-wit, $6,250, has been paid frasn the proceeds of bonds heretofore issued, the Cityta portion, to-wit, $6,25(7, has been paid down to $5,00(7 by cash available therefor, and such unpaid balance of $8,000 is now overdue and. should be retired and paid off by issuance of a new note herein- after provided for; NOW, THEREFORE, BE IT ORAAINED by the Council 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 aunt of $5,000 far the purpose of paying the Cityis portion of the cost of constructing a water line in Walter Road; and said bonus will be dated approximately September 1, 1967, will bear interest at a rate estimated at' three and one-half per centum per annum, payable semiannually, and wi]1 ~.ture in five annual installments after their issuance. Section 2. That it is necessary and this Council hereby determines that a note in the pxincipal amount of $5,000 shall be issued in anticipation of the issuance of said bonds and to pay off and retire at maturity the unpaid or unfunded balance of the outstanding note hereinabove recited. Section 3. That said note shall be dated February 6, 1964, shall mature on or before Septe~er 6, 1967, and shall bear interest at the rate of two and one-half per centum (2-1~2~) per annum, payable September b, 1964 and semiannually thereafter on March 6 and September 6 of each year until the principal sum is paid. Section 4. That such note sha11 be executed by the Mayor and Director of Finance, shall bear the corporate seal of the City, shall be pe~yable at the office of the Director of Finance, City of North Olmsted, North Olmsted, Ohio, shall express .upon its face the purpose fvr 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 therein, 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 shall 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.