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<br />oRnzrrarrcE No. r6-.s`J
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<br />AN ORDINANCF: TO PROVIDE FOR THE ISSUANCE OF
<br />; A NOTE IN ANTICSPATION OF THE ISSUANCE OF
<br />BONDS TO PAY THE CITY'S PORTION OF THE COST
<br />OF EXTENDING THE MUNICIPAL SEWERAGE SYSTEM
<br />IN AREA 3 OF THE CITY, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 64-333, passed December 21, 1964,
<br />a note in the principal amount of $1,300,000, dated March 25, 1965, was
<br />i issued for the purpose hereinafter stated,to.matureone year from the
<br />date of sueh note; and
<br />? WHEREAS, by reasons of delay in completion of construct3on it has
<br />proved impossible to issue the bonds anticipated by said note in order
<br />to retire the same; and
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<br />WHEREAS, to preserve the credit of the City it is essential to issue
<br />a'new note to retire such outstand3.ng note, and in anticipation of the
<br />issue of bonds; and
<br />WHEREAS, the fiscal officer has certified to the maximum maturity of
<br />the bonds anticipated and to the note herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Ol.msted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $1,300,000 for the pur-
<br />pose of pay3.ng the City's portion of the cost of extending the municipal
<br />sewerage system in Area 3 of the City.
<br />Section 2. That said bonds sha.ll be dated approximately March 1, 1967,
<br />shal.l bear interest at the estimated rate of three and one-ha.lf per centum
<br />(3-1/2%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty substantially equa,l annual installments after
<br />their issuance.
<br />Section 3. 'rhat for the purpose of raising money in anticipation
<br />of the issua.nce of bonds for the above described improvement, and to pay
<br />and retire said outstanding note dated Mareh 25, 1965, it is hereby
<br />declared necessary to issue and there shall be issued a note of said City
<br />in the principal amount of $1,300,000.
<br />Section 4. That such anticipatory note i;n the amount aforesaid sha11
<br />bear interest at the rate of two and ninety-five hundredths per centum
<br />(2.9596) per annum, such interest to be payable at maturity. Such note shall
<br />be dated March 25, 1966, and shall mature on or before one year from said date.
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<br />? Section 5. Such note shall be executed by the Mayor and Director of
<br />? Firiance and bear the seal of the corporation. It shall be pa,yable at the
<br />office of The National City Bank of Cleveland, Cleveland, Ohio, and shall
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