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. <br />.. <br /> <br />OliDnMME xo. - 3 3 <br />TO PRWIDs FOR AN ISSU? o!'$i,300,000 PRIIICIPAL Amm <br />? 0[+' ]?1?5 IN AMICIPwTICK Or TiZ IBBLWM (T 2006 IM <br />Z? PURE'OBE OF PAYIbCl !i CITY'8 rOMi01t OF = COBT <br />QF EXMIrIDIIG THE MUiQCIPAL SZfiSRA($ SYSZSM Ilt ARSA ? <br />OF THE CITY, A19D DSCIARING AN &CRf$IiCY <br />WIMMAB, this Council haa heretofora detezmiryed to undertake improyseenta to <br />the municipal sewerage Byetem recommeixied by its consulting engineer4 aad hereinr,,; <br />aPter described; and <br />WFLRAS, Council finds it necessary to finance the City's portion of the cost <br />of such improvement by the iseuance oP the notes hereinaftcr pravidsd for, in <br />srhich connection the fiacal oPficer has certified aa to the life of such improve- <br />ment and the maximum maturity of said mtes, arid of the borrds anticipated thereby; <br />NOW, T$ERLF'ORE, PE IT ORDAI1tED by the Council of the City of North Olmsted, <br />Ohio ; <br />Section 1. That it is hereby declared necessary to isaue the bonda of the City <br />in the principal swn of $1,300,000 for the purpose ot paying the City's portion pf <br />the coat of extending the municipa.l seWerage system in Area 3 of the City. <br />Section 2. That said bonls ahall be dated approximately the Pirst day of <br />December, 1965, shall bear interest nov estimated at three and one-half per centum <br />per annum, paysble semi-annually, and sha11 mature in twenty annual installmente <br />after thetr iasuance. <br />Section 3. That for the purpose of raising mon,ey in anticipation of the laauulce <br />of bonda for the aforesaid improvement, ft ie hereby declared n,acessary to issue atxl <br />there shall be issued notes of said City in the amount of $1,300,000. <br />3ection 4. Thst such anticipatory notes itt the amunt aforesaid shaLl De iagued <br />bearing intereet at such rate, but aot exceeding 3-1/0, jper._,anxim, aa shall be epe_ <br />cified in the awani thereof by the pudi,t,or at pMvate sale, such interE4t to be pay- <br />able at maturity and until paid. 3aid notes aha11 be clat,ed eu of the date of their <br />iseuance and shall mature orne year after such date. Such notes shsll b? executed in <br />such number ancl aueh denominationa as may be requested by the purchsaer thempf. . <br />Dsr.etor or P'saa,oe <br />Section 5. 8uch notes shall be ezecuted by tht Mayor and,.; ,../..d.: ?bear the <br />seal oP the corpozation. They shall be peyable at the office of Rhe National Citq <br />Bnnk of Clevelarxi, Clevelarxi, lhApp eni sha11 expresa upon their fe?ces the purpose <br />Por Which they are isaued arbd that they are issued pureuant to this ordinaace. <br />Section 6. 3aid no6es shsll, be first oPPered t,o the officer in charge of the <br />Bond Retiitmsnt Furid, iiad so msny of the same ea shall not be tak,en by aaid ofticer <br />,e <br />?? . shall be aold by the Director of Finance at privat.e ssle e?t not leas than pAr aAd at <br />an intereat rate not greater thsn the maximtiun specified in Section k hereof. The prp-c; <br />ceeds derived fsnm such sale, shall except for premiwn, if aqy, be pe,id into the pro- <br />per fund and uaed for the purpose aforeeaid ani far no other purpose, and for vhich <br />purpose said money is hereby appropriated. Any p.reunium received ahall be paid into <br />:> i