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<br />CITY OF NORTH OIMiTED
<br />-. ORDIWU~iCE N0.__
<br />By C;c~-ao~t,
<br />A:'V UFtDIi~iANCE PROVIDING FOR TIC ISSUal'iCE OF A
<br />NO'.t'E IN THE AM4tTN=' OF Gl~ HtD T~iCIiSAND
<br />I)QLIARS IN ANTICIP/+PION OF Clk2RENT REVENUES
<br />Ft~i `I'!ir: FISCAL YEAR 1965 FROM THE PROCEEDS OF
<br />TAXES, ~:XCF:PT ADVANCES THEREON AND TAXES TO
<br />BE RECEIVED Ff2OM T1-{E PAYt~NT OF IEBfi CHARC=ES,
<br />A?~ll DECLARING AN E2~RGENCY.
<br />® WHEREAS, the amount estimated to be received from the next ensuing semi-
<br />annual settlement oz' taxes for the fiscal year 1965, to-wit, at the tax settlement
<br />scheduleu by statute for February, 19ti~, other than taxes to be received for the
<br />payment of debt charges and all. advances, is $262,086 and of such a~sount $60,p0u
<br />has new been received as an advance uistribution of such settlement; and
<br />'~tHEFZ~:AS, Couxi.iA has determined tY-at there is urgent present Head for
<br />funds of the City to be useu for tY~a~ purposes fvr which the aforesaid revenues
<br />are co..ievted and. ::x;,i~ropriated, and :seems it necessary to borrow Gne Hundred
<br />Thousand ;sellers (:y~OU,C~.X)), an-~. to '_.ssue ~ note evidencitiu such borrowing upon
<br />the terms herein set forth;
<br />'V~,,' ~ TEiEREFURE, BE ZT i?RDA INE~) by tIIe Council of the City of Narth
<br />Ulrosted, ;,fate of Uhio:
<br />Section 1. That it is .~ereby determined to be necessary to borrow the
<br />sum of One ~u:~dred Thousand Doi.iars ($1QJ,000) in anticipation of the collection
<br />of c~.~rrent r~~ven,.ues in and for '.}~~e fiscal year 19b5, and. to be received from the
<br />next e:~uin~ :semi-~nnuai settieme~ir ~f taxes for said fiscal year, namely, the
<br />sett~ement t'or ;;rye "first ha?° 04' .`'i:~ca.i. year 1~7, as estimated by the 9u et
<br />uoro~cission, and tc~ issue 4 note tc evi{lence such borrowing.
<br />Section c. ?'hat such Note shall be doted the date of issuance thereof,
<br />shall bear interest at the rate of two and twenty-five one-hundredths per centum
<br />(~.~5~) per annum, payable at caturity; shall mature on or before six months Prom
<br />the date thereof' and shall be payable at the office of The Na.tiot3al City Hank of
<br />Cleveland, Cleveland, Ohio. For the payment of the principal and interest of said
<br />note the sums to be received upor. settle!~ent for the revenues anticipated by said
<br />no'..e ~s-x•e hereby apRropr,:.ated ±'or thf- pa;,rroent of the principal thereof and interest
<br />thereon at maturity.
<br />Section 3. Sair note shall be executed by the Mayor and Director of
<br />Finan::e, and shall expreFS on its fa~:e the purpose for xhich it is issued and
<br />that it is isFUea pursuant to this ordinance.
<br />Section 4. That ease note shall be first offered to the Director of
<br />Finance of said City as official in charge of the Bond Retirement Fund, and if not
<br />taken by him shall. be and hereby is awarded and sold to The National City Bank of
<br />Cleveland, ~leveand, Ohio, at par arxi accrued interest, if any. The proceeds of
<br />such sale shall be pans into tl;e pro~~er fund of the City, and shall be used for
<br />the ::~u:•oo~=ee ror which the revenues anticipated there}~y are collected and
<br />appropriated.
<br />Section ;~. It is hereby determined and declared that the amount of said
<br />note does not exceed one half {1/2) of the amount estimated to be received from
<br />t*,e Hex ; ens ~lirg se± `:ement. v. ±.axe~ t'or the fiscal year LQb1 ? ess the advances
<br />` trA^eo*; s~iw ta~~es. t~ be r~^eivec: ~ ~~;• ;rie ~~4ymen'. of debt service c'rarKer, and it
<br />1` fllrtl"'_?'' ,1.C:i:erT.l .k(; alld ''l("" .'<i'•E' X ~:~::.'1~1 J !~P;. npte`: have L1CCTi i~ue~. i?7 antli:l-
<br />`i1
<br />,~~-ectio:i r~. The ''erk :~t" ;cur... 1 .,_. ~,ereby ~airec ~~c: t~ cert~'v' a r~~,~y o:
<br />} ~. Z~,~ ,.),~~~L~.
<br />_ .,___ i~1 ., ~ ... . _..~~ w6L..~.t1~L4if.f•f~..E~LSOa'~. 3!_}.t!:~.~~.i l~.~l :~ n .r"~.~ . I.,
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