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oxnnMAxcE 110. 1?l-
<br />/Ui ORDIIJAIdCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION
<br />OI' TIM' I85UAMCB OF BOZZDS FOR TIM PURP06E OF PAYING PART OF TAE C0.9T
<br />Ok' CONSTRUCTION OF A t•itTIdICIPAL SEFUIGE TREA7MiT PI.AIRT AND SANITARlt
<br />SEWER;, kIID DI,CLARIPIC AN E?EAGENCY
<br />WIiEREAS, at the rcgular clcction hcld on the 3rd day of November, 1959, on the propo-
<br />sition of issuing bonds of -thc City of Nort2i Olmcttsd, Ohio, for the purpoae hereinaf'tci•
<br />otated, in the sum of $1,500,000 and for lcvying tuxea outaide of the ten-mill limitation
<br />to puy the interest and principol of such bondc, the requiaite majority of those voting
<br />upon the proposition voted in fuvor thcreof; and
<br />WHEREA3, therea:Cter and purauunt to Ordinanco No. 2963 paased DecemDer 30, 1959, us
<br />asnended, notes in the aggregate principul umount of $1,500,000 `+ere icaued from time to
<br />time and by thcir tcrmc will all muture on January 29, 1961, Buch notea baing issued for
<br />the purpoce hereiruii'tcr :,tated; and
<br />WHEItFA3, Council haa detcrmined that it is incidvisablc ut the preacnt time to icaue
<br />bonds to retire cuch notcc and that, accordingly, in order to prQaerve the credit of the
<br />City, it i:, immediatcly necessary to issue a new nate in order to rctire suCh outctanding
<br />notc:, ubout to fall duc, und the maturity of such nefi notc irill fall within the aggrc-
<br />gatc muturity period for notc indebtcdnesa, to-wit five ycara, as heretofore certified
<br />by the f'i;cal officer;
<br />DOW, TFEFMRE, BE IT ORnAINED by the Council of the City of North 0]msted, Ohio:
<br />Section 1. That i1: io aeemea nececcary to ioaue in one lot the bonds of the City of
<br />Nor'th OLnsted, votcd an above recitcd, in the principal emount of $1,500,000 for the
<br />puipose of paying part of the cost of construction of a muiieipal seuagc treatment plant
<br />and aunitnry scwera; thut snid banda wi7.1 be dnted approocime'tely July l, 1961, will
<br />bear intercat at a rnte estimated ttt i'our per centum per aanum, payable semiannually, and
<br />will rr,ature in 40 unnual inctallmenta uftcr their iscuance.
<br />Section 2. That for the purpoce of rnising monoy in anticipation oP the lcsucuice
<br />oi' such bondt; to the extent of $1, 500, 000 and to pqy rind retire outstaading notes dated
<br />rcspectivcly Jnnunry 29, 1960, Septembcr 1, 1960 and Deccmber 1, 1960, in the sggzc3gate
<br />principal amount of $1,500,000, which crill fall due oa January 29, 1961, it is necesaary
<br />and thic Council hcrcby determincu to issue A noto in the principal eaaunt of #1,500,000.
<br />3ection 3. That.3uch anticipatory note in the amowit aforesaid ahall be iesued
<br />bcaring intercct at the rotc of 2.75% pcr annum payable at mturity, aad at the rate of
<br />3• 751? AeI' onnum a1'ter maturity until paid. Said note., ahsll be dated Jatrosry 29, 1961)
<br />wild cliall mnturc on or bcforc July 29, 1961.
<br />Section lE. That r,aid note Bhall bc3 signed by the Meqror a?nd by the Director of
<br />Finance, aholl bear the corporate aeal of the City, aad ahall expre8a uOOn its faee the
<br />purpose for Which it i3 icsucd and that it ia issucd pursunnt to this or8laawce. Said
<br />notc sholl be pqyablc at the mnin office of Thc liatianal City Banlc oP Clcvelaad.
<br />9ection 5. Subject'.to rcjcction of caid note by the ot"i'icer in chsrge ot' the Hond
<br />Rctiremcnt Futtd, wuid note ia hereby awarded aAd sold to The Nationsl City Bank of
<br />Clevcland, Cleveland, Ohio, nt its pnr vulue; arA the proceeds from such sale shall tie
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