64-301 Ordinance - Laserfiche WebLink

Home Browse Search

I .P c6Zw? ,., ?. oxDILrL4rlcE No, AN ORDI''tA,NCE TO PAOVIDE FOR TFIE ISSUANCE OF A NOTE OF THE CITY OF NORTH OIMTID IN ANrIC IPAT:tON OF THE IS3ZIANCE OF BONDS AND OF THE I,EVY AND CUILEC'TIt'3R OF SPECIAL ASSESSMEM FOR TIiE CONSI'RUCTION OF SIDE- • WAIKS IN FLEHARTY ROAD, AND DECLARING AN EMERGENCY WFTERF'?AS, by Ordinance No. 64 ' 246 passed Octobar 20 ) 1964, this Council has levied assessments for the improvement hereinafter described, and has determined to issue and to sell into the Bond Retirement Fund, pursuant to arrange- ment made with the officer in charge thereof, a note for the unpaid portion of such assessmer.ts; and WHEREAS, the fiscFil officer has certified to the estimated life of such improvement and the maximum me.t.urity of such notes and of bonds a.nticipated thereby; NUW, THEREFOiiE, flE I'Z' ORDAINh,D by the Ccuncil of the City of North Olmsted, Ohio: Section 1. That it is hereby deemed necessary to issue the bonds of the City of North Olmsted in the principal amount of $ 979.5$ , in anticipation of the collection of special assessments levied for the construction of sidewalks in Fleharty Road as provided in Resoiution No. 64-246 passed QctQber 20 , 196+; and said bonds will be dated approximatel?/ ';tfittttar'y:r 'l,, ' will bear interest at a rate estimated at three and one-he.lf per centum per annwn, payable semiannually, and will mature in five annual installments after their issuence. Section 2. That it is necessary and this Council hereby determines that a nate in the principal amount of $ 979.58 shall be issued in e.nticipation of the issuance of said bonds and tc pay the costs of such construction. Section 3. That said note shall oe date(3 'cj66u4we?r• V.r 1916??, shall mature on or before : rJanuar*y- l,, 19N,', and shall bear interest at the rate of two and one-half per centum (2-1/2$) ner annum, payable :;Ju.iy 1?,. 1Q?,5 and semiannually thereafter on 'July 1.: and :;;tseuuary .1 :_ of each year until the principal sum is paid. Section 4. Zhat such note shall be executed by the Mayor and Director of Finance, shall 'oear the corporate seal of the City, shall be payable at the office of the Director of Finance, City of North Olmsted, North Olmsted, Ohio, shall express upon its face the purpese for which it is issued and that it is issueu pursuant to this ordinance. Section 5. The Director of Finance as officer in charge of the Bond Retirement Fund having advised that he will be able and willing to purchase said note for investment therein, said note is hereby sold to said Bond RetirPr.nent Fund at par plus accrued interest. The nroceeds of such sale, other ther. accrued interest, if ar1y, sha.ll be paid into the proper fund and used for the purpose for which said note is • issued under tne pi??vi:;?ons o:' this ordinance. ArV accrued interest Bhall be transferred to the Bond Retirerr<>nt Fund to he applied in the payment of pr.incipal and interest of said riote -n the minrier pro rided by 1 w-k•. ?.