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. .... ? ORDIIdANCE NO.07 AN ORDINANCE TO PROVIDE FOR THE ISSUANCE 0F A ? TJOTE IN ANTTCIPIITION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST OF COi'•dSTRUCTTNG SANITARY SEYJERS AND NECESSA.RY APPURTENANCES IN AREA. ? OF THE CITY, AND ? DECLARING AN EMERGENCY. , 4THFREAS, the Director of Finance, as fiscal officer of the City, has heretofore certified the estimated life of the property and the maximum maturity of the bands a,nd notes proposed to be issued; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: • Sectian l. That it is hereby declared necessary to issue bonds of 'Uhe City of North 0lmsted in the principal sum of $138,000 for the purpose of paying part of the cast of constructing sanitary sewers and necessary appurten- ances in9Area 3 of the City. Section 2. That said bonds sha11 be dated approximately September 1, 1967, shall bear interest al: the estimated rate of four and one-half per centum (4-1`2°fo) per annum, payable semi-annually, until the principal sum is paid, and shall mature in thirty substantially equal annual installments after cheir issuance. Section 3. Tnat for the purpose of raising money in anticipation of the issuance of the a:r"oresaid bonds for the above described imprpvement, ,iL is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $138,000. Section 4. That such anticipai:ory note in the amount aforesaid sha11 bear interest at such rate not exceeding four and one-half per centum per annum as may be fixed by the Director oi Fina,nce in his award of said noLe at private sale, such interest to be payable at maturity. Said note shall be aatea as of the date of issuance a.nd shall mature on or before one year i'rom such date. Said note shall be signed by -the Mayor and by the Director of Finance, shall bear the corporate s:ea1 of the City, sha:L1 be pay- able at the office of' The National City Bank of C1.eveland, Cleveland, Ohio, and shall express on its fa,ce the purpose for which it is issued and that it is issued pursuant to this ordinance. " ., Section 5. Subject to the rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note shall be sold by the Director of Finance at private sale at an interest rate not exceeding four and one-half per centum per anrium. The proceeds from such sale, except any prem;um and accrued interes-c, shall be paid into the pz•oper i'und a,nd used for ? the purpose atoresaid axid i'or no other purpose. Any premium and accxued interest shall be deposiced in the Bond Retirement Fund. Section 6. Said note shall be the i'u11 general obligation of the Czty and the fu11 faith, credit and revenue of such City are hereby pledged for the prompt payment of the same. The par value to be received i'rom the sale of the bonds anticipazed by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only Tor the _ :.. " • /