66-156 Ordinance - Laserfiche WebLink

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•° 4 ~w~,r t3RDINAtiiCE NO. (oGr-~ /,S";; AN 1b FROYITE PC?.R T~3E ISSi~AAiCE OF A " ~ ~SPA22t1~ QF TflE I3SUAI~E Off' BC~D6 . ~bR '~ P'~f2''OSE OF C°'"~UCTI1~3, PIQtT.[PpIll4 AND ~ A PLIBLSC I.IRRARY ~ILDIl~G A~'D ~klP SITE TtOF, F~F'F.AI,T~G ORDINANCE ltQ . b 5 -3g#, AND D~CIARINC AN EMERGENCY. W'BAS, st the Ee~~ eleetion held on the 3rd day of ~ioves:ber, 196, c~ the propositioe cif issuing bonds of the City of Ptorth 01~'d fvr ' purpose hereinafter stated, in the seas of ~320,4~, and far levying teuces outer of tsx limitations to pay the principal and interest oi' su,ch bc~xtcis, !.tle requisite majority tSf thage voting on the proposition votred in favor thet~eof; and WAS, the Director of Finance, as Fiscal officer of the City, h~ herttofox~e certified tt~t estimated life oP the property and the maximum maturity of the bonds atzd notes proposed to be issued; Nom, TlAOt~, BE I2 O1~iAIltE"1) by the Council oi' the City of North OLsted, Cuyahoga, County, Rio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sutra of 320, OL70 2'ar the pur- pose of constn~cting, equipping and furnishing a free public library building anti improving the site thereof. Section 2. That said bonds sha1.1 be dated approximately duly 1, 1967, shall bear interest at the estimated rate of three anci one-half per esntum (3-1/2"x+) per azuzu~m, pe-yable semi-e~zu~~tlly, until the pr3~cipal. sum is paid, and shall. mature in t.+enty-two substantially equal annual inatallas<nte after their issuance. Section 3. 'that for the purpose of raising money in anticipation of the issuance of the aforesaid bands for the above described isiirovemant, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $320,OQ4. Section 4. That such anticipatory notys in the a~~aunt aforesaid shall bear interest at the rate of per eentum ( y6) per annum, payable at maturity. Said notes be dated as of th~te of issuance and. shah mature on or beiare one year P~ttt such date. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shah be payable at the main office of Clev+el.and, Ohio, an sh express an its face the purpose for which it isj . issued and that it is Issued pursuant to this ordinance. Section ~. Subject to the re,~ection of such note by the Director of Finance for investment in the Aond Retirement P1uid, suer note is hereby i