66-111 Ordinance - Laserfiche WebLink

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~', ORDI~iAIiG~ N O .~n fr '" / l ~ URIJ~HA~CS 2il ~'ROYI I:E FOR ~ Z 3SUA~iCE JF A Ili A~TSCIPA~'It~ OF Z~ IS3UA~F OF BU~TDS FOR T~ RJ A!' ltiCQUIRIH{i REAL ESTATE AHD Ti3E Bt1I FC}R THE BXPAIfSZ~t OF' T~tE ~!®!Cli~t.ih4GZZ.IT~ES, AND I;~CLAFtIl1G AH EA~RGE~ICX. WAS, the Director of Finance, as fiscal officer of the City, has heretofore certified the estimated life of the property and the maximum maturity of the bonds and notes pro~>~°~secl to be issued; p041, THEF~PC?RH, ~ IT C31~ATHED by the Council of the City of Forth 02msted, Cuyahoga County, ~Ytio Section 1. Zhat it is hereby declared necessary to issue bonds of the City of lbrth Olasted in the principal sum of $55,OC%0 for the pur- pose of acquiring real. estate and the buildings thereon for the expansic~aa of the facilities. Section 2. That said bonds shall be dated approximately May i, ~.."~, shall bear interest at the estimated rate of throe and one-half per centum (3-1/2'x) per annum, payable semi.-annually, until the principal sum is paid, and shall mature in fifteen substantially equal annual. installments after their issuance. • Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bands fc~r the above described improvement, it is hereby declared necessary to issue and there sha11 iae issued a note of said City in the principal amount oaf $75,x%• Section 4. that ouch anticipate note in the amount aforesaid shall bear interest at the rate of per centum (~~) per annum, payable at maturity. Said note shall be dated as of the date of issuance and shall mgture an ar before one year from such date. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the ccrparate seal of °the City, small be payable at the office of ~ ~iatianal City Bank of Cleveland, Clevs:i.and, Ohio, and shall express on its face the purpose for which it is ias~aed and that it is issued pursuant try +x.his ordinance. Section 5. Subject to the ~Ne~ection of such Hate by the Director of Finance far investment in the .Bond Retirement Fund, such note is hereby awsrderd and Bold to The l~atiana City Bank of Cleveland, Cleveland, Ohio, at the par value traereof. The proceeds from such sale, except any premium and accrued interest, shalt be paid into the proper fund and used for the purpose aforesaid and for nc~ other purpose. Any premium and accrued in-~ tereat e~ha11 be deposited in the Mond Retirement Fund. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and .revenue oP such City are hereby pledged for the prompt payment of the name. ~'he par value to be received froam the sale of the bonds anticipated `.ry said note and aqy excess°funds resulting from the issuance of said note sha'~i. to the extent necessary be used only