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<br />CITY OF NORTH OLt~STED
<br />ORDINANCE NO.~ -
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<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BOLDS FOR THE PURPOSE
<br />OF PURCHASING SIX NEW'BUSES FOR USE IN TAE OPl~RATION OF T$E
<br />NORTH OLMSTED Mt~QICIPAL COACH LINE, AND DECLARING AN EI~GENCY.
<br />WHEREAS, a $].87,100 note was issued pursuant to Ordinance No. 69-113 in
<br />anticipation of the bonds herein authorized, which note was funded at maturity
<br />by the issuance of renewal notes in the same principal amount issued pursuant
<br />to Ordinance No. 70-13~t, wriieh notes are about to mature; anal
<br />WHEREAS, the Director of Finance, as Fiscal Officer of this City, has
<br />heretofore certified the estimated Life of the property and the meadmum maturity
<br />of the bonds proposed to be issued;
<br />NOW, TFII~EFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />State of Ohio
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted, in the principal sum of $187,100 for the purpose of puresing
<br />six new buses for use in the operation of the North Olmsted I~micipal Coach Line.
<br />Section 2. Said bonds shall be issued in the principal amount of $187,1.00
<br />for the purpose aforesaid. The said bonds shall be dated August 1, 1971, sha3.1.
<br />be issued in the denomix~atiean of $5,000 each, except Boxed No. 1 wh~,ch shall be in
<br />the denomination of x,10!4, shall be numbered from 1 to 38, both inclusive, and
<br />shall bear interest at the rate of five and one-half per centum (5-1~2~r) per
<br />annum, payable semi.-atmually on the first day of June and the first daffy of
<br />December of each year beginning June 1,1972, until the principal sum is paid,
<br />as evidenced by the coupons attached thereto; provided, hoxv+ever, that if the
<br />bonds are sold bearing a different rate of interest than herein specified, such
<br />bonds shall bear such rate of interest as may be provided in the resolution of
<br />Council approving the award thereof. Such bonds shall a-ature in their consecutive
<br />serial order as follows:
<br />37,100 on December 1, 1972
<br />35,000 on December 1, 19'7'3 and 1974; and
<br />$40,000 on December 1, 1975 and 1976
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />Section 3. Said bonds sha11 be executed by the Mayor and Director of
<br />Finance and shad bear the corporate seal of said City. Interest coupons
<br />attached to said bonds sha11 bear the facsimile signature of the Director of
<br />Finance printed or lithographed thereon. R~tey shall be payable in 1awflil. money
<br />of the ikiited States of America at the office of The National City Bank of Cleveland,
<br />Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary funds to pay the
<br />interest on the foregoing issue of bonds promptly when and as the same falls due,
<br />and also to provide a fund sufficient to discharge the said serial bonds at
<br />maturity, there shall be and is hereby levied on aLI. taxable property in the
<br />City of North Olmsted, 3n addition to alt other taxes, a direct tax annually
<br />during the period said bonds are to run in an amount sufficient to provide funds
<br />to pay the interest upon said bonds as and when the same fa11 due, and also to
<br />provide a fund for the discharge of.the principal of said serial bonds at maturity,
<br />which tax sha11 not be less than the interest and sinking fund tax required by
<br />'" Section ]1 of Article XII of the Constitution of Ohio.
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