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<br />CITY OF NORTH OLMSTID <br />ORDINANCE N0 . 0" a7 <br />BY <br />7[_? <br />AN ORDIlVANCE TO PROVIDE FOR THE ISSUANCE OF A <br />NOTE IN ANTICZPATION OF THE ISSUANCE OF BONDS <br />FOR TI'lE PiJRPOSE OF PURCHASIlVG A PACKER-TYPE <br />GA.RBAGE TRUCK FOR THE DEPARTMENT OF PUBLIC <br />SERVIGE OF THE CITY, AND DECLARING AN EMERGENCY. <br />WHEREAS, the Director?of Finance, as fi'scal officer of the City, <br />has heretofore certified the estimated life of the property and the maximum <br />maturity of the bonds and notes proposed to be issued; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />North Olmsted, Cuyahoga County, Ohio: <br />Section l. That it is hereby declared necessary to issue bonds <br />of the City of North Olmsted in the pr3.ncipal sum of $24,000 for the <br />purpose of purchasing a packer-type garbage truck for the Department of <br />Public Service of the City. <br />Section 2. That said bonds shall be dated approximately <br />February 1, 1969, shall bear interest at the estimated rate of four and one- <br />half per centum (4-1/2%) per annum, payable semi-annually, until the principal <br />sum is paid, and shall mature in five substantially equal annual installments <br />after their issuance. <br />Section 3. That for the purpose of raising money in anticipation <br />of the issuance of the aforesaid bonds for the above described purpose, it <br />is hereby declared necessary to issue and there shall be issued a note of <br />said City in the pri.ncipal amount of $24,000. <br />Section 4. That such anticipatory note in the amount aforesaid <br />shall bear i.nterest at the rate of three and seven-eighths per centum <br />(3-7/8%) per annuzn, such interest to be payable at maturity. Said note shall <br />be dated as of the date of issuance and shall mature on or before one year <br />from such date. Said note shall be signed by the Mayor arLd by the Director <br />of Finance, shall bear the corporate seal of the City, shall be payable at <br />the office of The National City Bank of Cleveland., Cleveland, Ohio, and shall <br />express on its face the purpose for which it is issued and that it is issued <br />pursuant to this ordinance. <br />Section 5. Subject to the rejection of such note by the Director <br />of Finance for investment in the Bond Retirement F'und, such note shall be <br />and is hereby sold to The National City Bank of Cleveland in accordance with <br />its written offer of January 18, 1968 to purchase such note, which offer is <br />hereby accepted. The proceeds from such sale, except any premium and accrued <br />interest, shall be paid into the proper fund and used for the purpose aforesaid <br />and for no other purpose. Any premium and accrued interest shall be deposited <br />in the Bond Retirernent Fund. <br />Section 6. Said note shall be the full general obligation of the <br />City and the full faith, credit and revenue of such City are hereby pledged <br />for the prompt payment of the same. The par value to be received from the <br />sale of the bonds anticipated by said note and any excess funds resulting <br />from the issuance of said note sha11 to the extent necessary be used on],y <br />for the retirement ot' said note at maturity, together with interest thereon, <br />and are hereby pledged for such purpose.