66-283 Ordinance - Laserfiche WebLink

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,~~... TiB, the Gbuncil of the City of Dorth Olmsted has heretofore by pa~crper legislation declared the necessity of constructing the iskprovesrent described in Section 1 hereof; and iAS, the fiscal officer of thta City has certified the sls-xis~t erataex~.t~- of such bonds to be tan y~~une, and of such notes to be five years it sold licly or one year it sold at p~civate sale; Df1M, ~Dliij !~ IT O!~l1I.S~ by the Council o#' the City of Darth Ols#sted, Crp*shogs County, Ohio 2 Section 1. TYrat it is hereby declared ~cessary to issue boeds of 1e Citdr of Wirth Olmsted in the ~incipv. stsa of ~.5,64o in anticipatic>a of !fie crolJutctiotr of spacial asses+~ents to pay the cyst of improving SoutJ~ern ~hnrxrse bar cxrnstretctiag a water s~ain frith the necessary sgpurtenances includipg Mr-t~r Mgnrice oanotetions aad by installing sanitary saner connections, beteaen the teraini and in the srw~r specified in Resolution Rio. 65-277, ad~rgted Il~nes~er 16, 196$ . 8&eetion 2. That said borxls shall be dated approximately October 1, 1967, shsll brae interest at the estimated rate of four acrd one- f per eeat~t (~-1/~) par annum, ps~rab2s s~i-annually, uurtil the prinap~al. suer is paid, asd rhrxl srture in ten substantially equal, annus~l. installments after their issuance. Section 3. That for the purpose of raining stoney in anticipation o~ tie isrrarxree at the a!'!orr~i.d bcs4ds sad in anticipation of the levy arid. col.l+rcti,ort of special assassrrsnts for the abvre described improvement, it is }rere'b1r iac;l,aiwsd nsasraty to issue a~ad theta shall be issued a note of said City in the pristcipal amount of #~1,5,6v0. Ssction 4. That such aoticipe~tory note in the amount aforesaid shalS bear iattrrit at such rote eat excreding tour and one-halt per centust per aaruNt ss ssgr bs fi~csd by tine Dirsctor of Finance in his as+ard of said note at priYatr sale, such interest to be p~grable at ss-turit~r. Said note shall be de~tsd as of t~rr date of issuance and rthal2 nrture on or before one year trots such data. Said note shall. be sigssd by the Mayor and by the Director of Finance, shal3. brat the c~rporats of the City, shall be payable at the office of liationsl City Bank of CS.erreLand, Cleveland, Ohio, and shall express on its tacae the puttgwse for which it is issued s~rxl that it is issued przrsuant to this ordinance. Section S. Subject to the refection of such note 8y the Dissector of !'ismace for investment itr the Bond Retirement Fund, such cote shall bt aol~ by tare Director of Finance at private sate at an interest rate net exceeding fbur sad one-half per centum per annust. Tree proceeds from such sale, except stry pcwtitm- and accrued interest, shs11 tie paid into the proper flisid. and used i'ox' th+e purpose aforesaid and for no other purpose. Air premium and accrued interest shall be 8eposited i~ the Bond Retirement Mind. Section 6. Said note shall be the 11:11 general obligation of the City sad the tuLl faith, credit and rerenue oi' such City are hereby pledged for the prompt payment of the same. The par value to be received from the sale oP the