72-152 Ordinance - Laserfiche WebLink

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,~~ o CITY OF NORTH OIMSTED ORDINANCE NO. ~Z~L.~.Z BY as AN ORDINANCE AUTgORIZII~ THE ISSUANCE OF HOEDS FOR T~ P OF PUtiCHASII~ SIX N!W BUSE'»S FOR USE IN THE OPaRATIQ~t OF '.~ NORTS OL~L4TED ICIPAL COACH LINE, AND DECIARIIWG AN ffi~~ENCY. WAS, $220,000 notes were issued pursuant to Ordinance No. 71-142 in anti- cipation of the bands herein authorized, which notes mature on October 26, 1972; and WAS, the fiscal officer of the City has certified his estimate of the life of usefulness of the assets hereinafter mentioned and the maximum maturity of bonds; NOWT RS, HE IT 0 by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X220,000 for the purpose of purchasing six new buses for use in the operation of the North Olmsted A~micipel Coach Line, and to the extent necessary, to pey not to exceed one year's interest on said bonds or oat the note issued in anticipation thereof. Section 2. Said bonds shall be issued in the principal amount of 220,000 for the purpose aforesaid. The said bonds shall be dated October 1, 1972, shall be issued in the denomination of5,000 each, shall be numbered from 1 to ~+, both inclusive, and shall bear interest at the rate of five per centum (596) per annum, payable seam-aw^iua].ly on the first day of June and the first day of Deceam- ber of each year beginning June 1, 1973, until the principal. sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bands are sold bearing a different rate of interest than herein specified, such bands shall bear such rate of interest as may be provided in the resolution of Couaracil approving the award thereof. Such bonds sha11 mature in their consecutive serial order as follows: $40,000 on December 1, 1974; $45,000 on December 1 in each of the years Pram 1975 to 1978, inclusive; which maturities are hereby determined to be in substantially equal annual in- stallments. Section 3. Said bonds shall be signed by the Mayor and Di.x~ector of Finance, provided that Daze of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature Of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the office of The National City Bank of Cleveland, Cleveland, Ohio.