Loading...
1971-043 OrdinanceORDINANCE 1971-~3 (amended) OFFERED BY' COUNCILMAN FERRY PROVIDING FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF THE CON- STRUCTION OF A MUNICIPAL COMPLEX FOR THE CITY OF '' FAIRLAWN AND DECLARING AN EMERGENCY. WHEREAS, the fiscal office~ of this City, pursuant to a Resolution of this Council~ has certified that the life of the im- provement is twenty five (25) yeaPs~ and that the maximum maturity of the bonds hereinafter mentioned is twenty five (2~) yeaPs~ and the maximum maturity of notes ~o be issued in anticipation of the said bonds is five (5) years oP if sold at p~ivate sale, one (1) year. BE IT ORDAINED by the Council of the City of Fairlawn~ Summit County, Ohio' Section 1. That it is hereby declared necessary to issue bonds of the City of FaiPlawn in the principal amount of $~25:000.00 fop the purpose of payinE ~he costs of const~uc~in~ a municipal complex fo~ the City of Fai~lawn consisting of a sin§lc buildin~ to house the administrative~ legislative and police functions to be of b~ick and concrete construction. Section 2. That said bonds shall be dated approximately May 1, 1972, and shall bea~ interest at the now estimated rate of ~% pe~ annum payable semi-annually until the principal sum is paid and shall mature in ten substan- tially equal annual installments afte~ their issuance. Section-~. That it is necessary to issue and this Council hereby determines that a note in the principal amount of $425,000.00 shall be issued in anticipation of such bonds. Such anticipatory note shall bear interest at ~he ~ate of ~% pe~ annum dated May 1~ 1971, and payable April $1, 1972, together with the principal. Section q. Such note shall be executed by the Mayor and Clerk- TPeasu~e~ of the City and shall express upon its face the purpose fop which it is issued and that it is issued pumsuant to this Ordinance. Section 5. Subject to ~he rejection of said note by the office~s in charge of the bond meti~ement fund fo~ investment in such fund, said note shall be and hereby is awarded and sold to Akron National Bank and Tmust Company of Akron, Ohio, at the prop value ~he~eof; and the TPeasu~e~ of ~his City is hereby authorized and directed to deliver said note when executed to the said purchaser upon paymen~ of such purchase p~iee and accmued interest to ~he da~e of delivery. The proceeds of such sale shall be paid in~o the p~ope~ fund and used fo~ the purpose fo~ which said note is being issued under the provisions of this Ordinance. Any p~emium and accrued in~e~es~ shall be c~edited to the bond retirement fund to be applied to the payment of pmincipal and interest of said note in the manner provided by law. Section 6. Said note shall be the general obligation of the City of Fairlawn and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retire- ment of said note at maturity, together with interest . thereon, and is hereby pledged for such purpose.. ORDINANCE 1971-~3 (amended) Continued. Section 7. During the year or years while such no~e runs, there shall be levied on all the taxable property in said City, in addition to all other taxes~ a direct tax annually not less than that which would have been levied if bonds had been issued therefore without the prior issue of said note. Said tax shall be and is hereby ordered computed, certified, levied and ex- ~ended upon ~he tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes fop each of said years ape certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount ihereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with The interest collected on the same, shall be irrevocably pledged fop the payment of the prin- cipal and interest of said note or the bonds in anticipation of which it is issued when and as the same falls due. Section 8. Said note shall be dated May 1, 1971 and shall mature April 30~ 197t5~ and shall state on the face thereof~ the purpose fo~ which it is issued Section 9. That this ordinance is hereby declared to be an emergency measure necessary fop the immediate preser- vation of the public peace, health and safety and fop the further reason that there is an u~gent need to provide for such improvement to house the services and facilities of the City. Passed' March 15, 1971 Attest · William F. Reed, Clerk- - T~easurer I, William F. Reed, Clerk-Treasurer of the City of Fairlawn, Summit County, Ohio, do hereby certify that the foregoing Ordinance was duly and regularly passed by Council at a meeting on the 15%h day of March, 1971. . William F. Reed ClePk-TPeasumeP