68-028 Ordinance - Laserfiche WebLink

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CITY OF NORTH OIdl1,STED ORDIIqAIVCE N0 . 6y," . ? BY AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A P10TE IN AP]TICIPATTON OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF ACQUIRING REAL ESTATE FOR RECRE11TIONAL PURPOSES, AT1D D:CCLA.RING AN ENIERGI-PNCY. WHEREAS, the Director of Finance, as fiscal officer of the City, has heretofore certified the estima ted life of the property and the rna.ximum maturity oz the bonds and notes proposed to be issued; N04T, THERL'F'ORE, BE IT ORDAINED by the Council of the City of North 0lmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of Tdorth Olmsted in the principal sum of $9,400 for the purpose of acg,uiring real estate for recreational purposes. Section 2. That said bonds shall be dated a.pproximately February 1, 1969, shall bear interest at the estimated rate of four and one-hali' per centum (4-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described purpose, it is hereby declared necessary to issue and there shall be issued a note of said City in the princ ipa,l amount of $9, 400 . Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of three and seven-eighths per centum (3-7/8"/j) per annum, such interest to be payable at ma,turity. Said note shall be dated as of the date of issuance and shall mature on or before one year from such date. Said note sha,ll be signed qy the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be paya,ble at the office of The Pdational City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5. Subject to tihe rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note sh.all be and is hereby sold to The National City Bank of Cleveland in accordance with its written offer of January 18, 1968 to purchase such note, wnich oFfer is hereby accepted. The proceeds from such sale, except any premium and accrued interest, sha11 be paid into the proper fund and used for the purpose aforesaid and for no other puxpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 6, Said note shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resulting fram the issuance of said note shall to tne extent necessary be used only for the retire- men-G of said note at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. During the year or years such note runs there shall be levied on all the taxable proper-uy in the City of Tvoxth Olmsted in addition to all other taYes, a direct tax annually not less than that which would have been levied if bonds had been issued without tre prior issue oi' such nates. Said tax shall be and is hereby ordered c rnnputed, certified, levied and extended upon the tax duplicate and collec-ted Uy the same officers, in the same manner and at the same time that taxes for general purposes for each of