73-127 Ordinance - Laserfiche WebLink

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cITY ©~ NaRTH or~iST>vn o~DINA~c~ lfa . ~~ ~ ~ ~ '° ..sue AN t)RDIEfAgCE AUTI~bRI~I~iG THIS ISBUAE 4~` ~t}$,000 RffifEf~tAI,, HtE~S Ilf A~1'PICiPATIdif t1F T~ IBSiJk OF B4~S 1~?R THE P11RP0~ <~' PAYING THE COST QF AC- t~lIR21tG CERTAIIP 1RLAL EE'tkTl~ QN L4RAIl1 M}AD AS A SI"PE FElA THE ElCFAH'8IOH 4F TEE CITY BUILDING Ct~l- PL~, AItD DECLARIIfa Alf G39~iCY . WSERBAS, this Council by Ordins~ace Ifo. 72-156 authorised the issu- anea of aotcs in the: ass-usit of $9$,Q40 for the purpose act fortis in Section 1 hereof, which ~*~ astt~e oa October 17, 1973; and WBEREA , Cotastcil has determined to issue the ~95,a00 re:neswal notes herein authorised, the proceeds of tthich will be used to retire the outstand~ iag notes at maturity; and WHEREAS, the fiscal officer of the City has certified as to the xaeuci- mtm maturity of the bonds anticipated and oP the notes herein atxtborized; IfOW, THEREFORE, BE IT ORDAIN$D by the Council of the City of lforth Olmsted, Cuyahoga County, Qhio: Section 1. That it is hereby declared accessary to issue bonds of the City of North Olmsted in the principal stem of ~S5,DQ0 fQr the pt~rgosc of psyfh~a; the cost of acquiring certain real estate on Lorafn Rts~d s: a site for the esion of the City Building Complex . Section 2. That said bonds shall bee dated agproximstely October 1, 1974, shall bear interest at the eestiAated rate of five artd one-half per cantos { 5-1/2~) per annt~, pay~rablt ee~t-saal.ly, ypatil the principal svm is paid, and shall mature in nineteen substantially esqual aant~al iastallmeats after their issuance. Section 3. That for the purpose of raising ma~aey in snticipektion of the: issuance of the aforesaid bonds sad to provide f'ands for the retir+emecnt of the aforesaid notes mattering t'ktobcr 17, 1973, it is hereby deeclax~d nec- essary to issue and there shall be issued notes of said City in tine principal amount of X95,400. Section 4. That such Anticipatory notes in the amotuit aforesaid shall bear interest at such rate sot exceeding six per ceenttsn (6Z } per etaem, geRyable at maturity, sad at such rate after maturity not exceeding eight per ceatt~ (8~C) per annum, as may be fined by the Director of Finatece in his award of said notes at private sale. Such notes shall be dated October 17, 1973, shall mature caes ear before Larch 15, 1974, and she11 be in such dencrs-inations as may be rhqueested by the purchaser. Section 5. Such notes siaAll be signed by the Moryor and Director of Finance and bear the seal of tb+e corporation. Thar shale be pe4~rable in lat-ful mosey of the Unitetd Stirs mf Aa~tcrica at the pia office at' the National City Bank, Cleveland, ,ate, and ahs1.3, e=gress upon their face the: purpose for which they are issueed aid. that they are: issued pursttaat to thf s ordinance. Section 6. S~tb3ect to tY~e rc~ection of such notes by the Director of Finance for investment in the Bang Re3tires$ent iPUtsd, such notes shall be