|
• r ,
<br />CIRDINANCE N0.
<br />AN ORDINANCE TO PROVIDE FOR THE ISSiJpAiCE UF A NO'1E OF THE CITY OF
<br />NORTH OIMSTED IN ANTICIPATICN OF THE ISSUANCE OF BCND6 Tp PAY THE
<br />CITY'S PORTICK OF THE C06T OF CONSTRUCTING A GIATER LIr1E IlY WpI,TER RpAD
<br />ANU TO RETIRE A NOTE PREVIOUSLY ISSUED AND OL1'ISTANDING,, AND LCCIARIpG
<br />AN EMERGENCY
<br />Mn , 1?1??
<br />WIiEREAS) for the financing of the improvemente hereinafter deacribed, Cauncil by
<br />Ordinance No. 62-140 authorized and caused to be iasued a note in the aggregate smount
<br />of $12
<br />,500, dated September 6, 1962, and isaued to pey both the aeseaagble portion
<br />and City's portion of the cost of auch improvement; and
<br />W'HEJ?E'.AS, the asae$sable portion thereof, to-`rit, $6, 250, has been paid from
<br />the proceeds of bonds heretofore issued, the City's portion, to-`rit, $6,250, ha,a
<br />been paid drnm to $5,000 by cash available therefor, and auch unpe,id balance of $5,000
<br />is now overdue and ahould be retired and paid off by iasuance of a neir note herein-
<br />?,. after provided for;
<br />- xOW, THEREFORE, BE IT QRII4INED by the Council of the City of North Olmated, Ohio:
<br />8ection l. The,t it in hereby c1eemed neceasary to isaue the bonds of the City oP
<br />,?...
<br />xorth Olasted in the principal asoxnt of $5,000 for the purpoae of paying the City's
<br />pwtien of the cost of construeting avater line in Walter Road; and said boncla vi11
<br />be fatsd appaboc3astely September 1, 1967, will bear interest at a mte eatl.mted at
<br />thw and one-halt per centum per anrnm, p4Ysble amiaruiuslly, and will aature in
<br />nw antual iivtullmenta at'ter the ir issuarice.
<br />8ectioa 2. That it is neceasary and thia Cauncil hereby cleternirm that a nate
<br />? in tbe pt'incipal emount or #5,000 ahall be issued in ariticipation of the iasuance of
<br />m1d bac?ds wd to paky otf and retire at 'aturity the uapaid or un2uncl,ed balarice of the
<br />outstandin6 noU hnelnabavc recited.
<br />8eation 3. That said note shall be datod Februu'y 6, 1964, rhall aature on or
<br />befws 8eprtember 6, 1967j, and shall bear interest at the rate of two and one-he?lf per
<br />? (2-1/?) Per ?rua e
<br />, Palrible SePteabtr 6, 1964 ar?d seaiaruiuslly thereafter m
<br />1larch 6 and Septembtr 6 of eaah yeear uatil t2w principal sm ia paid.
<br />Section 4. Zlrt Swch note shall be exe,?ted by the MLyor Nd Director of
<br />Finance' ShLU beer the eorporate seal of the City, sha11 be paysblc at the office
<br />,. 01 the Direetor o! !'inanoe, City of North Olartted, Xorrlh Olmted, Ohio, shal.l
<br />,. express upan ita fam the PurPo" rr which it ia isswd and thst it ia isswed pursvant
<br />to thia ordinsnce.
<br />Bection 5• Tl'ie Director of 1Pins,nce e,a officer in charge op t,he Band Retirement
<br />Puna havirig adriaed thst he irill be able and Milling to purchaae ssid note fer
<br />investaent thsrein, said note ia hereby sold to said Bond Retira?ent P1u1d at par plus
<br />accrued intereat. The proceeds of such eale, other than accrued interest, if ar?y, shall
<br />be psid into the proper func1 and used for the purnose for whieh said note is isaued
<br />uncler the pravisieaa of thia ordirrance, pry accrued in},erest ahall be trenaferred
<br />to the ,Bond petir?aerrt Fund to be applied in the payment of principal and intereat
<br />of said nate in the ma,nner prrn,ic]ed by 1dW.
<br />:?
|