68-072 Ordinance - Laserfiche WebLink

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CITY OF NORTH OL[yiSTED ORDINANCE NO. p ? - ?. 13Y- il%n - W 1.4 1 A1V ORDINANCE AUTHORIZING THE ISSUAldCE OF BONDS BY THE CITY OF NORTH OLMSTED FOR THE PURPOSE OF ACQUIRING REAL ES'I'ATE FOR RECREATIONAL PURPOSES, AND DECLARING AN EMERGFiVCY. WHEREAS, a note in the amount of $9,400 was authorized pursuant to Ordinance ldo. 68-28 in a.nticipation of the bonds herein authorized, which note matures on February 29, 1969 but is subject to redemption at the option of the City at any t ime ; and WHERrAS, the Director of Finance, as fiscal officer of this City, has hereto- fore certified the estimated life of the property and the maximum maturity of the bonds proposed to be issued, Ohio: NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $9,400 for the purpose of acquiring real estate for recreational purposes. Section 2. Said bonds shall be issued in the principal amount of $9,400 for the purpose aforesaid. The said bonds shall be dated June 1, 1968, shall be issued in the denomination of $1,000 each, except bond No. 1 which shall be in the denomina- tion of $1,400, shall be numbered from 1 to 9, both inclusive, and shall bear interest at the rate of five per centum (%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning June 1, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate oP interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $1,400 on December l, 1969; and :p1,000 on December 1 in each of the years from 1970 to 1917, inclusive; which maturities are hereby determined to be in substantially equal a,nnual install- ments. Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or litho- graphed thereon. They shall be designated "La,nd Acquisition Bonds", and shall be payable in lawful money of the United States of America at the main office of The IVational City Bank of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to pay the inter- est on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the sam.e falls due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio.