65-247 Ordinance - Laserfiche WebLink

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~_ . . CITY OF NOR'I'Ii ~JLMS`I'ED i~RDINANCE NO. t~5- `}' ~ /~ AN ORDINANCE AUTHORIZING THE ISSUANCE OF A Ni~i'F IN ANTICI.P'A- TION OF THE ISSUANCE OF BONDS AI~'D OF THE; LEVY AND CO.,I.~'.CTI(~iV OF SPECIAL ASSES5MENTS TO YAY THE PROPERTY OW~~ S' PORTIOiv AND THE CITY'S PORTION OE' THE COS'?' OF CONS~2UCTL'~G Cr.:RTA.IN SIDEWALK: AND APPURTENANT FACILITIE IN SAID CTTY, AND DE- CLARING AN ENCY. WHERF~IS, Council has by due praceedings made provision f'or the sidewalk construction hereinafter described and for the levy of assessments to pay the cost thereof, such construction to be financei. by the issuance of bonds and of notes in anticipation thereof; and WHE.RE.AS, pursuant to Ordinance No. 64-25o passed iay Council :gin October 23, 196+, a note in the principal amount of $67,1;X) was issued ir, anticipation of the ise~~ence of ttie aforesaid bonds, which note is out- standing and about to fall due; and WHE.'REAS, Council determines it necessary to issue a new note in the amount of $Ei7,lOO to retire said outstanding note; NOW, T`'ORE, BE IT ORllAINED by the Council of the City off' North Olmsted, State of Ohio: Section is That it is deemed :necessary to issue bonds of the City of North Olmsted in the principal sum of $67,100 in anticipation of the levy and collection of special assessments to pay the property owners' onion and the Cit 's ~ p y portion of the cost o~ constructing sidewalks and appurtenant facilities, suer, sidewalks being .iescribed and provided f'or in Resolution No. 6~-122, as amended by i~esolutior: No. fi4-51, except where constructed by the property owners. Said bonds shall bear interest at tae estimated. rate of three and one-ha.f" per centum (3-1296) per annum, grid shall mature in five annual installeats. C7f said amount the City's portion is ~y,61+4 and the property owners' portion is $57,~7p. Section 2: That it is necessary that a note shall be issued in anticipation of the issuance of said bonds. Section 3: That sucY~ note in the amount of $Ei j', lOU shall be issued bearing interest at the rate of two and threeitenths per eentum ~ 2,3 ~~ per annum, payable at maturity of said note and two and three tenths after maturity, shall be dated October 2y, 1y65, and shall mature on or before one year after date. Section 4: Said note shall be executed by the Mayor and Director of Finance, shall bear the seal of the municipal corporation, shall be pay- able at The National City Hank of Cleveland, Alorth Olmsted Branch, North .Olmsted, Ohio, and shall express upon its face the purpose f'or 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 re,~ected by him, then said note shall be and it is hereby awarded to The National City Hank of Cleveland at its par value. The proceeds thereof, other than the amount necessary to pay interest upon such note whica amount shall be transferred to the Bond Retirement Fund, shall be paid. into the proper fund and used only for the purpose aforesaid.