66-020 Ordinance - Laserfiche WebLink

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~. ~ ~~ ~v~~, ~~ O~I>rw~s la. GG a d _~___ ~ TO P~01/IL'ltr }~ ?!! I~ Oh A llOTl~ to AMlIC'7p'A'lRtl11 Op 2'~ I~ 0~- >lOll 1~ 3~ !~ ~- PI~bL'BASIDC TB~R tBtD >tt~i.5 . ! t~ 2X '!'~ OPII~,TIG/ Cp T!!D llgA'TS OIA/flDl~ 1CTFAS. QQAClt 1.I~, AIRS DI~CLIkRIIM~ Alt ~;Y. '~ Director of Pinnace, as fiscal officer of the City, has heretofore c~etitied the estisrts~l life of the p-roprerty aAd tht ~rae-xirKw .attuity o! the bonds and notes prropoeed to be issued; ~, ~ ~ ~ IT O1~IAI1~ by the Council of the City of lbrth Ol,s~stad, Cu~nahost Ctwssty, t~hio: Section 1. Thr-t it is hereby declared necessary to issw bexads at the City of lbrth Olrrstrd is the principal sts of ~18cx~o for the pwrpoiwt of psrrchaiug thrsne tssprd buts for use in the gyration of the Borth OLasted Ilrrnicipal Coach Lint. Section 2. That said bonds shall be dated appa:~oxisataly January 1, 1967, staall bear iQterest at the estlsrtad raft of three aa~ci oa~e-bolt ptr crrztu~ (3-1/2~) per samntaMS, paywble seari-~auitlly, until the principal sir is paid, azad shell sattsrre in five substantially equal annual inttall.aents attrr thrir issuOac:a. Section 3. That for the purpose of raising sxs~y a~ anticiprtticxa of tlN isstsaac~r of tht ator~tsaid bads far tht abmre described ias~~t, it is lrrreby declared ~MSVrrtaary to issue sad there sheaf be issw~d a of said City is the ptineitl arsonist of $18, t)o0. 8retiou 4. 4'itat stioh anticipataey ncrtie in the Gaunt al9oreesd shall brar interest at tht rate of t~ra aa©d ~~r-five lndr+edtbs peer e~ntt~s (2.Ty~) per suntan, payable at ~siaturity. Said note shall be dated as ot` tht date o! issur~t-ce and shall rture on or before one year Crow such data. Said nrte shall ba signed by the Nt~ror and by the Director of 1M'inanee, sha11 brae the ~ s~ai of thR City, shall be payable at the office of Ttie lls-tio~1 City Dam of Cltwland, Clewela~rd, Ohio, Grad shall exparess ae its face the pur- pose for vfileh it is issued tad thst it is issued pursuant to this ordins~nce. Section ~. 3t:b~sct to the refection of such matt by the Director of Maanoe for iatner~t in tlr Hors! Aetirereeut !'timd,. such is hereby suai-Qed and sold to the llatiorral City Dank of Cletrelaad, Cletrelsad, 'lhto, st the par vs-lw thereof . The pra'r~r~#s fryers such salt, except any preni.aN and aaartird in- ter+est, shall be pa#dd into flee protrer fund and used for tl^at purparir ator~sid and for no other ptarpps~r. ~y p~rium and accrued interest sha11 be dep~ited in the Dowd Aetiressnt lhalnd. Section 6. Said naCe shall be tht full gtnaral ~aligatioo oi' the Cite and the toll faith, credit end revenue of such City are t~reby Ply for thr ~t of the else. The par value to be revad trsas the sale of tht bossds s~nticpated by said note .and nay excess iwrads resulting Pram the issuance of said note shall to the extent necessary be used oa].y ter the .~-.•