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1973-120 OrdinanceORDINANCE No. 1973 -120 Offered by Mr. Lowry PROVIDING FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CONSTRUCTING AND EQUIPPING RECREATIONAL FACILITIES IN NORTH PARK AND DECLARING AN EMERGENCY. WIqEREAS the Finance Director has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five years, and that the maximum maturity of bonds hereinafter referred to is thirty-five years, and the maximum maturity of notes to be issued in an~cipation of said bonds is five years, or one year if such notes be sold at private sale; BE IT ENACTED BY THE COUNCIL OF THE CITY OF FAIRLAWN: Section 1. It is hereby declared necessary to issue bonds of the City of Fairlawn in the principal sum of . $350,000.00 for the purpose of constructing and equipping municipal recreational facilities at North Miller Road and Sand Run Par~way (North Park) . Section 2. Said bonds shall be dated approximately September 1, 1974, shall bear interest at the estimated rate of seven per cent per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issue. Section 3. It is necessary to issue and this Council hereby determines that a note in the principal amount of $350,000.00 shall be issued in anticipation of such bonds. Such anticipatory note shall bear interest at 8% per annum payable at maturity. Such note shall be dated as of the date of its issuance and shall mature not more than one year from the date of its '~.ssuance. Section 4. Such note shall be signed by the Mayor and the Finance Director and shall bear the sea.1 of the '- corporation. It shall be payable at Fairlawn, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this Ordinance. Section 5. Said note shall first be offered to the officer in charge of the bond retirement fund for investment in said fund, and if not taken by said fund, shall be sold by the Finance Director at private sale for not less than par and accrued interest and at the interest rate specified in the offer of the purchaser which shall not exceed the rate mentioned in Section 3 hereof. Section 6. Said note shall be the full general obligation of the City, and the full faith, credit and revenue of the City are 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 retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. 1973 - 120 page 1973-120 (continued) Section 7. During the year or years while such note runs there shall be levied on all taxable property within the 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 therefor without the prior issue of said note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner and at the same time that taxes for general purposes for each of said years are certified extended and collected. Said tax shall be placed before and in preference to all c~uher items and for the full amount thereof. 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 for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued when' and as the same falls due. Section 8. This ordinance is hereby declared to be an emergency measure necessary to the public peace, health and safety of the C~ty and its inhabitants for the reason that the immediate or early issuance and sale of the note herein authorized is necessary to enable the City to proceed with the improvement.'~herein described for furnishing urgently needed healthful recreational facilities to the inhabitants of the City,, and therfore it shall be in full force and effect from and after its enactment and approval, by the Mayor. Passed October 1, 1973 William F. Reed, Clerk of Couocil October 3, Ap]~ro v ed .............. 19 7 3 · i'~ . Hartlaub, Mayor '~harles Wal~.e r, Vice-president o f Counci 1 Approved as to form ~glas. , w Director I, William F. Reed, Clerk of Council of the City of FAirlawn, Summit County, Ohio, do hereby certify that the foregoing Ordinance 1973-120 was duly and regularly passed by the Council at a Regular Meeting on October 1, 1973. William F. Reed, Clerk of Council This is to cer:ify that on__ JO'S' 7,.5. , the within Ordinance 'Reselu' ion was 'PUblished I~y posting a true copy of the same in five public places within th, e (~ity as pr,esc~'-bed in~rd.,tg,72-108. W[lllallt F. ~d Cle~ ~ 1973 -120 page 2