66-283 Ordinance - Laserfiche WebLink

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r ? . 6?,J 1uKJ oxvzrtaTacE rro. "AIV ORDTTi1.1`dCE AUTHORIZIIVG THE ISSUANCE OF A NOTE IN ANTICIPATION QF THE ISSUANCE OF BONDS AND OF THE LEVY AND CULLECTION OF SPEC7AL ASSESSMENTS TO PAY THE COST OF 7MPROVIING SOtTHERN AVENUE BETWEEiV CERTAIN TE£d4INI BY CONSTRUCTING A WATER MAIN WITH THE NECESSARY APP'URTF.PIANCES INCLUDING WATER SERVICE CONNECTTONS AND BY INSTALLING SANI'P1ARY SEWER CONNECTIONS, AND DECLARING AN EMERGENCY. .. WHEFEAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the improvement described in Section 1 hereof; and WHEREAS, the fiscal ofiicer of the City has certified the maximum maturity of such bonds to be ten years, and of such notes to be five yeaxs if sold pub- licly or one year if sold at private sa1e; . NOW, THEREF4RE, BE IT ORDA.TNEll by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $15,600 in anticipation of the collection of special assessments to pa,y the cost of inproving Southern Avenue by constructing a water ma,?n with the necessary appurtenances including water service connections and by indtalling sanitary sewer connections, between the termini and in the manner specified in Resolution No. 65-277, ad.opted November 16, 1965. Section 2. That said bonds shall be dated approximately October l, 1967, shall bear interest at the estima.ted rate af i'our and one-half per centum (4-1/4) per annum, payable semi-annually, until the principal sum is pa,id, and sha.l.l mature in ten substantia].1y equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation of the levy and eollection of special assessments for the above described improvement, it is hereby declared riecessary to issue and there shall be issued a note of said City in the principal amouni; of $15,600. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding four and one-half per centum per annum as may be fixed by the Darectar of Finance in his award, of said note at pra,vate sale, such interest to be pa.yable at maturity. Said note shall be dated as of the date o:E' issuance and shall mature on or before one year from such d.a.te. Said note sha1l be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable at the office of The Ilational City Bank of Clevela.nd, Cleveland, Ohio, and sha.11 express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. --Section 5. Subjec-t to the rejection of such note by the Director of Finance for investment in the Bond Retirement F1znd, such note shall be sold by the Director of Finanee at nrivate sale at an interest rate not exceeding four and one-half per centur.i per annum. The proceeds f'rom such sa1.e, except ar?y premium and accrued interest, shall be paid into the proper f'und and used for • the -ourpose aforesaid and f'or no other purpose. A,ny premium and accrued interest shall be deposited in the Bond Retirement Fun.d. Section G. Sa,id note sha].l be the full general obligation of the City and the fu11 i'aith, credit and revenue o:E' such City are hereby pledged for the prompt payment oF the same. The pax value to be received from the sale of the 4 ? . . , . .? ? c.