66-206 Ordinance - Laserfiche WebLink

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ri ORDI NANCE NO.(! ' 9QRDINAPICE ANiENDIT?G SECTIONS 2, 4 AND 7 OF ORDIPIANCE NO. 65 -217 , PASSED SEPTEM'3r ER 22, 1965, AUTI-iORIZING THE ISSUANCE OF $123,000 SECOND MORTGAGE SEWERAGE SYSTEM REVENUE BONDS, SO AS TO DESIGNA'I'E THE NATIONAL CITY BANK OF CLEVELAND AS TRUSTEE, TO CHANGE THE DATE AND CERTAIId OTHER TERMS OF SAID BONDS, AND DECLARING AN ENIERGENCY. BE IT OFtDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That Sections 2, 4 and 7 af Ordinance No. 65-217, passed September 22, 1965, which authorized the issuance of $123,000 aecond ? Mortgage Sewerage System Revenue Bonds, be and the same are hereby amended to read as follows: "Section 2. Terms of Irmprovement Bonds. The Improvement ? Bonds shall be initially issued in coupon or fully registered form as ma,y be requested 'py the nscal Officer and shall be exchangeable for fully registered or coupon bonds in the manner and on the terms provided i.n the Mortgage. The Imorovement Bonds in coupon form shall be dated August l, 1966; shall be in the denomination of One Thousand Dollars ($1,000) each; and shall be registraole as to princibal; The Improvement Bonds in fu11y ' registered form sha11 be in the denomina,tion of $1,000 or any multiple thereof. Improvement Bonds in both coupon and registered form shall be numbered as determined by the Fiscal Officer. The Improvement Bonds shall bear interest at the rate per annum of four and one-quarter per centum (4-1 /+o), such interest to be payable semi-annually on June 1 and December 1 of each year beginning December l, 1968 on bonds maturing in the years 1970 to 1985, inclusive, and-beginning December 1, 1969 on bonds maturing in the years 1986 to 1990, inclusive, until the principal sum becomes due and payable. Said Improvement Bonds shall mature annua.lly on December 1 in their consecutive numerical order as follows: AMOUNT YIlARS ,ooo 1970 to 1974 5,000 1975 to 1979 6,000 198o to 1983 7,000 1984 to 1986 8,000 1987 to 1989 9,000 1990 `i'he Improvement Bonds shall be subject to redemption in whole or in part in inverse num.erical order on any interest payment date on and after December 1, 1969 at par plus accrued iriterest to the date fixed for redemption. Unless waived by the holder, notice of redemption specifying the numbers of the Improvement Bonds and (portions of fully registered Improvement Bonds) to be called shall be published by the Trustee on uehalf of the Municipality once a week-for two consecutive weeks in a .financial journal of national circulation, the first publ.ication to be not mare than forty (40) nor less than thirty (30) days prior to the da,te of redemption, upon which date all interest upon the Improvement Bonds or portions thereof so called shall cease except for those as to which ? default shall be made, upon presentation, in the payment of the redemption price. Principal and interest on the Improvement Bonds shall be payable at the principal office of the Trustee hereinafter provided for, except that interest an fully registered Improvement Bonds shall be payable by check or draft as provided in the Mortgage. ,? ?: