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ORDINANCE N0. !Q ~ l
<br />--r
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST
<br />OF CONSTRUCTION OF A MUNICIPAL SEWAGE TREATMENT PLANT AND SANITARY
<br />SEWERS, AND LIECLARING AN EME~ENCY
<br />WHEREAS, at the regular election held on the 3rd day of November, 1859, on the propo-
<br />sition of issuing bonds of the City of North Olmsted, Ohio, for the purpose hereinafter
<br />stated, in the sum of $1,500,000 and for levying taxes outside of the ten-mill limitation
<br />to pay the interest and principal of such bonds, the requisite majority of those voting
<br />upon the proposition voted in favor thereof; and
<br />WHEREAS, thereafter and pursuant to Ordinance No. 2963 passed December 30, 1958, as
<br />amended, notes in the aggregate principal amount of $1,500,000 were issued from time to
<br />time and by their terms will all mature on January 2g, 1961, such notes being issued for
<br />the purpose hereinafter stated; and
<br />WHEREAS, Council has determined that it is inadvisable at the present time to issue
<br />bonds to retire such notes and that, accordingly, in order to preserve the credit of the
<br />City, it is immediately necessary to issue a new note in order to retire such outstanding
<br />notes about to fall due, and the maturity of such new note will fall within the aggre-
<br />gate maturity period for note indebtedness, to-wit five years, as heretofore certified
<br />by the fiscal officer;
<br />ItOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Ohio:
<br />Section 1. That it is deemed necessary to issue in one lot the bonds of the City of
<br />North Olmsted, voted as above recited, in the principal amount of $1,500,000 for the
<br />purpose of paying part of the cost of construction of a municipal sewage treatment plant
<br />and sanitary sewers; that said bonds will be dated approximately July 1, 1961, will
<br />bear interest at a rate estimated at four per centum per annum, payable semiannually, and
<br />will mature in ~+0 annual installments after their issuance.
<br />Section 2. That for the purpose of raising money in anticipation of the issuance
<br />of such bonds to the extent of $1,500,000 and to pay and retire outstanding notes dated
<br />respectively January 29, 1860, September 1, 1960 and December 1, 1960, in the aggregate
<br />principal amount of $1,500,000, which will fall due on January 29, 1861, it is necessary
<br />and this Council hereby determines to issue a note in the principal amount of $1,500,000.
<br />Section 3. That such anticipatory note in the amount aforesaid shall be issued
<br />bearing interest at the rate of 2.75°fo per annum payable at maturity, and at the rate of
<br />3.75 Per annum after maturity until paid, Said note. shall be dated January 2g, 1g61,
<br />and shall mature on or before Jx~ 29, 1861.
<br />Section 4. That said note shall be signed by the Mayor and by the Director of
<br />Finance, shall. bear the corporate seal of the City, and shall express upon its face the
<br />purpose for which it is issued and that it is issued pursuant to this ordinance. Said
<br />note shall be payable at the main office of The National City Bank of Cleveland.
<br />Section 5. Sub~ect'ta rejection of said note by the officer in charge of the Bond
<br />Retirement Fund, said note is hereby awarded and sold to The'National City Bank of
<br />Cleveland, Cleveland, Ohio, at its par value; and the proceeds from such sale shall be
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