66-207 Ordinance - Laserfiche WebLink

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s C', ORDTl ~.~ fc `fit • ~' i~AB, the Director of Finance, as fiscal officer of the City, has Lere'totaare certified tie estiaated life of the property and the saximum aatoritp of the bonds sad 8tftee proposed to be issued; lgli~ ZH ~ BD I2 ORL1AI~tBD by the Council of the City of Borth @Lasted, CW^ County, Ohio: M Section 1. That it is hereby declared necessary to issue bop8a of the City of lbrth 4lmated ixi the principal sum of $138,040 for the purpose of paylAs part of the cost of constructing sanitary sewers and necessary appurten- ances in Area 3 of the City. Section 2. That said bonds shall be dated approxiaie-tely Septe>~er 1, 1967, shall bear interest at the estimated rate of four and one-half per c®ttsK (4-lf 2~) per annuu, payable seisi-annually, until the principal stye is paid, and shall nature in thirty substantially equal snnusl installments attar their i:nuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described imprrnres~ent, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $138,000. ® Section 4. That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding four and one-half per centum per annu^~ as apr be fixed by the Director of Finance in his award of said •ot.~ at private sale, such interest to be payable at maturity. Said note sitaLt be dated as of the date of issuance and shall mature on or before one )'rMr !~'eslt sash date . Said note shall be a igned by the Mayor and by the Birector of Finance, shall bear the corporate seal of the City, shall be pey- alrle at the office of The lgational City Bank of Cleveland, Cleveland, Ohio, sad shall express on its face the purpose for which it is issued at7d that it is issued pursuant to this ordinance. Section 5. 3ub~ect to the rejection of such note by the Director of Fieance for investerant in the Bond Retires-ent !Fund, such note shall be sold by the Director of Finance at private sale at an interest rate not exceeding four sad one-half per ceatum per mum. The proceeds from such sale, except any pres~ia~ and wccrued interest, shall be paid into the proper fund and used for the pisrpoae aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retiretent Fund. Section 6. Said note shall be the full general obligation of the Citr acrd the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the acme. The par value to be received Prom the sale of the buds anticipated by said note and at1y excess funds resulting fray the issuance of said note shall to the extent necessary be used. only for the