70-064 Ordinance - Laserfiche WebLink

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+ ` +'~ • ~. CITY OF RORi'S OIMSTED h / r~ ~ ORpIl~iCE R0. 70 - ~ BY /%L~c/ ~l~~Ct~C..~.c.L.- WFS, pursuant to Ordinance loo. b9-9 a note in the amount of $45,00 was issued to pay the cost of constructing the ~raves~ent described in Section 1 of this ordinance, which note matures on March 2~i, 1970; and SAS, the sum of $2,000 is available from surplus soneys in the construction fund to be applied against the principal amount of the outstanding note and Council has d~atersined to issue a reneN-l. note in the as-ount of +3,000 to provide the remaining funds needed to retire such outstanding note; and i~l~igttRAB, the fiscal. officer of the City has certified the maxim maturity of bonds and notes for said improvement; 1~OW, TlFORE, BE IT ORDA?.N'ID by the Council of the City of Rorth Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby dsacliTed necessary to issues bonds of the City of S'orth Olmsted in the principal sus Qf $43,p00 for the pur,~-c>se of paying, in anticipation of the collection of spacial aasesssants, the cost of iapro3ring Southern Avenue from McKenzie Road to a point 165 feet west of Decker ~iranue by constructing a 7-inch concrete pavement 25.5 feet wide with appurtanaac:ss, inclueling storm sewer inlets, arad by constructing concrete sidewalks five feet in width on both sides of said street betreen said points, as provid+sd in Resolution No. b5-278, adopted l~ovea~ier 12, 1965, as amended by Resolution No. 66-193, adopted Jtii].y 5, 196b. Section 2. That said bonds shall be dated approximately July 1, 197C shall bear interest at the estimated rate of six and one-hilt per centus (b-1~2~~ per annum, parable semi~annual7y, until the principal snot is paid, and shall mature in ten substantially equal installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issua~-ce of the aforesaid bonds and in anticipation of the levy aged collection of special auaessments for the above described ize~provesent, and to retire the a~'ore- said outstanding note, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal affiount of $43,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per eentum (796) per annul, payable at maturity, and at such rate after maturity not exceeding eight per centus ($~,) per annu~a, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated March 27, 1970, shall mature on July 27, 1970, and shall be l.n such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor acid Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the mai7i office of the Rational City Bank of Cleveland, Cleveland, Ohio, and shall express upon th#~r faces the purpose for which they are issued and that they are issued pursuant to this ordinance.