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