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