66-208 Ordinance - Laserfiche WebLink

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+ ~y~ ~~ ' ~~ ORD~IItAIICE ltO. A~( O~AICE AtIZII~ T~ I33t OF A DOTE IN A~TICI - PATZOQ OT T~ IS3WiCE OF Btl11DB A1tD Ole T~ ILYY ARD COL- I~CTIal1 OF ~CIAL ASS~CSS~fT3 TO PAY T~ COST OF IMPROYIItG HAIi'!CM ROAD ADD AI~~R ROAD CEATAIP NI BY CCw$T(1 SII~'iiALK9 Ilr SAID CI?I, Al(D IDCLARTNG AN E~iBIICY. WHIRR6AS, Council has by due proceedings mgde provision for the side~allc constructian hereinafter described and for the levy of assessments to pay the cost thereof, such construction to be Financed by the issuance of bonds and of Hotta in anticipation thereof; and WId~FdrAS, the fiscal officer of the City has certified the maximum maturity of such bonds to be five years, and of such no'.:es to be five years if sold public- ly or one year if sold at private sale; 1lOW, T~RS1roAE, ffi IT ORDASflED by the Council of the City of North 0].mstedi Cuyatwga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Borth OLos~d in the principal sum of $21,750 in anticipation of the colLretiom of special assesssients to pay the cost of constructing sidewalks On both sides of Alexander Road from Clague Road to the easterly corporation liras and on the northeasterly aide ~f Barton Road from Lorain Road to the westerly corporation line, except rhertconstructed by property armers pursuant to list option contained in Assolution lio. 66-1U9, adopted April 19, 1966. Section 2. That said bonds shall be clued approximately September 1, 1967, shall bear inter•st at the estimated raft of four and one-half per o~6tvls (~-1~-) per annum, payable semi-annually, until the principal east is pa1d, and shall mature in Pine substantially equal annual installments aftsr their issuance. Section 3. That for the purport of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation of the levy and collection of special assessmsnts for the above described improvement, it is hereby d~].ared necessary to issue and there shall be issued a note of said City in the principal aswunt of $21,750. . Section 4. That such anticipatory note in the amount aforesaid ahs~.l. bear iatei+est at such rata not exceeding four and one-half per centum per annem+ ss stair bt 1Y.xed by the Director o! Finance in his award of said note at private saU, such intertat to be payable at maturity. Said note shall be dated as of tLe date of issuances and shall. stature on or before one year from such daft. Said note shall. bt signed by the 1-layor and by the Director of Finance, shall bsar the corporate seal of the City, shall be payable at the office of The l~ationsl City Bank of Clevt].and, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and the-t it is issued pursuant to this ordinance. a Section 5. Subject to the ra~ection of such note by the Director of !'insne:e for investment in the Bond Retirement Fund, such note shall be sold try the DiLrtctor of Finance at private sale at an interest rate not exceeding ® four and one -half per centum per annum. The proceeds from such sale, except soar pres~iuss and accrued interest, shall be paid into the proper fund and used !br the purpose afortsaidan8 for no other purpose. Any premium and accrued interest shall be derpoaited in the Bond Retirement Fund. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledge8 for the prompt payment of the same. The par value to be received from the sale