74-029 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. ~ ~i By ~ AN ORDINANCE AUTHORIZING THE ISSUANCE OF $410,000 RENEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST OF CONSTRUCTING A POLICE ADMINISTRATION BUILDING AND CLEARING, LANDSCAPING AND OTHERWISE IMPROVING THE SITE THEREOF, AND DECLARING AN EMERGENCY. WHEREAS, notes in the aggregate amount of $460,000 were issued pursuant to Ordinance No. 73-34, passed March 20, 1973, which notes mature on April 5, 1974; and WHEREAS, there is available the sum of $50,000 which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the notes herein authorized to provide the remaining funds necessary to retire the out- standing notes at their maturity; and WHEREAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $410,000 for the pur- pose of paying part of the cost of constructing a police administration building and clearing, landscaping and otherwise improving the site thereof, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately April 1, 1975, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty 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 improve- ment and to provide funds for the retirement of the aforesaid outstanding notes, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $410,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five per centum (5%) per annum, payable at maturity, and at such rate after maturity not exceed- ing eight per centum (8%) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated April 5, 1974, shall mature on April 4, 1975, and shall be in such denominations as may be requested by the purchaser.