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ORDINANCE No. -~
<br />AN ORDINANCE TO PROVIDE FOR ~ ISSUANCE OF Nt~'i'ES
<br />IN ANT~CIPATIt~+T OF TAE LEVY 0~' SPECIAL ~'~NRL"
<br />AND IE A1~CIPATION. OF TAE I.~16tIANCE OF BE~i'336 'I'0 PAY
<br />TAE COOT f?F II~REyVING CtTAIN 8 IN TEE CITY OF
<br />~iC1~tTA OIL',' BY CON~STRUCTIl~G SANITARY SEA, .AND
<br />D~ECIARINQ AN ElEfRt~[+TCY
<br />WHFR~:AS, uncLer authority of Ordinance No. 62-5, passed January 2, 1962, a
<br />Sewer Zmprovemerrt Assessment Note in the principal amount of $1,300,400 was issued
<br />for the purpose hereinafter stated, and at its maturity on February 1, 1963 was
<br />retired from the proceeds of a renewal note in the amount of $1,300,000 dated
<br />February 1, 1963, ,which renewal note is in turn about to fall. due; and
<br />WHk'REAS, additional time will be required to enable the City to coatplete
<br />construction of the improvements firsxneed thereby, to levy the assessments there-
<br />for and to issue the bonds to permanently fund such note indebtedness, and to
<br />preserve the credit of the City it is necessary to issue new notes to retire such
<br />outstanding note, and the maturity thereof will fall within the aggre~.te maturity
<br />period for such note indsbtedness of five years as certified by the fiscal officer; and
<br />WHEREAS, Council finds that additional costs, to be included in such assessments
<br />when levied, have accumulated in the amount of $60,000, all as set forth in the
<br />certificate dated January 7 196+ of the Director of Finance, and
<br />that in order to me a same n a vance of such levy of assessments .it is necessary
<br />to borrow additional funds in the amount of $60,00 as a part of the note financing
<br />herein provided for;
<br />NOW, THEREFORE BE IT CRUAINED BY TAE COUNCIL OF TfiE CITY OF NORTH OLI~STED,
<br />OHIO:
<br />Section 1. That it is deemed necessary to issue bonds of the City of North
<br />Olmsted, in the principal sum of $1,360,000, in anticipation of the collection of
<br />special assessments and the issuance of bonds to pay the assessable portion of the
<br />costs of constructing sanitary sewers in certain streets designated in Ordinance
<br />No. 62-5 aforesaid and comprised in Contracts 4, 4 A, 5, 6 and 8.
<br />Section 2. That said bonds shall be dated approximately January 1, 19f5, shall
<br />bear interest at the estimated rate of four per centum (~+~-) per annum, payable
<br />i~emi.annual.ly until the principal sum is paid, and shall me~ture in twenty (20~ sub-
<br />stantially equal annual installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the issuance
<br />of the aforesaid bonds for the above described improvement, including additional
<br />financing costs in connection therewith, and to pay and retire said existing note
<br />issue dated February 1, 1963, it is hereby declared necessary to issue and there
<br />shall be issued notes of said City in the principal amount of $1,360,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall bear interest
<br />at such rate, not exceeding four per eentum (49i) per annum, as may be fixed by the
<br />Director of Finance in his award thereof at pr3,vate sale, such interest to be prRyable
<br />at maturity. Such notes shall be dated February 1, 1964, shall be in such denc~i-
<br />nations as the purchaser may request, and shall mature on or before February 1, 1965.
<br />Section 5. Such notes shall be executed by the Mayor and Director of Finance
<br />and bear the seal of the corporation. They shall be payable at the fain Office of
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