66-206 Ordinance - Laserfiche WebLink

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C~ ~_ ORDINANCE NO . ~'"~ ~ ~( AN ORDINANCE AMENT)ITIC7 SECTIONS 2, ~+ AND 7 OF ORDINANCE N0. 65-217, PASSED SEPTEMBER 22, 1g65, AUTIiORIZING THE ISSUANCE OF ¢123,000 SECOND MORTGAGE SEWERAGE SYSTEM +NUE BONDS, SO AS TO DESIGNATE THE NATIONAL CITY BANK OF CLEVELAND AS TRUSTEE, TO CHANGE THE DATE AND CER'T`AIN OTI3ER TERMS OF SAID BONDS, AND DECLARING AN EMERGENCY. c C BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That Sections 2, ~+ and 7 of Ordinance No. 65-217, passed September 22, 1965, which authorized the issuance of $1.23,000 Second Mortgage Sewerage System Revenue Bonds, be and the same are hereby amended to read as follows: "Section 2. Terms of Improvement Bonds. The Improvement Bonds shall be initially issued in coupon or fully registered form as may be requested by the Fiscal Officer and shall be exchangeable for fully registered or coupon bonds in the manner and on the terms provided in the Mortgage. The Improvement Bonds in coupon form shall be dated August 1, 1966; shall be in the denomination of One Thousand Dollars ($1,000) each; and shall be registrable as to principal; The Improvement Bonds in fully registered form shall be in the denomination of $1,000 or any multiple thereof. Improvement Bonds in both coupon and registered form shall be numbered as determined by the Fiscal Officer. The Improvement Bonds shall bear interest at the rate per annum o'f four and one-quarter per centum (~+-1 ~+°~), such interest to be payable semi-annually on June 1 and December 1 of each year beginning December 1, 196$ on bonds maturing in the years 1970 to 1985, inclusive, and beginning December 1, 1869 on bonds maturing in the years 1986 to 1990, inclusive, until the principal sum becomes due and payable. Said Improvement Bonds shall mature annually on December 1 in their consecutive numerical order as follows: AMOUNT YE ARS o00 197o to 197~- 5,000 1975 to 1979 6,000 198o to 1983 7, 000 1g8~- to 1986 8,000 1887 to 1989 9,000 1990 The Improvement Bonds shall be subject to redemption in whole or in part in inverse numerical order on any interest payment date on and after December 1, 1969 at par plus accrued interest to the date fixed for redemption. Unless waived by the holder, notice of redemption specifying the numbers of the improvement Bonds and (portions of fully registered Improvement Bonds) to be called shall be published by the Trustee on behalf of the Municipality once a week for two consecutive weeks in a financial journal of national circulation, the first publication to be not more than forty (~+0) nor less Iran thirty (30) days prior to the date of redemption, upon which date all interest upon the Improvement Bonds or ~aortions thereof so called shall cease except for those as to which default shall be made, upon presentation, in the payment of the redemption Write. Principal and interest on the Improvement Bonds shall be payable at the principal office of the Trustee hereinafter provided for, except that interest on fully registered Improvement Bonds shall be payable by chec:~c or draft as provided in the Mortgage.