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<br />CITY OF NORTH OLMSTED
<br />ORDINAI+~CE NO.~^~
<br />BY:
<br />AN ORDINANCE AUTfiORIZING THE ISSUANCE OF BONDS FOR
<br />THE Pt~tP{}SE OF' PURCHASIl~G A RAE PACEffit TFt~CK AND
<br />OTHER TRUCI{S FOR THE SI~VICE DEPAR7'~IT OF THE CITY,
<br />AND DECLARIl~G AN EN~GLN'CY.
<br />WHEREAS, notes in the principal amount of $24,500 were issued pursuant
<br />to Ordinance No. 70-1~+7 in anticipation of the bonds herein authorised ar-d are
<br />about to mature; and
<br />WHEREAS, this Council has determined that bands shall be issued in the
<br />principal amount of $42,000 to retire said outstanding notes and provide
<br />additional funds for the purpose hereina,f'ter stated; and
<br />WHEREAS, the Director of Finance, as Fiscal Officer of this City, has
<br />heretofore certified the estimated life of the property and the maximum
<br />maturity of the bonds proposed to be issued;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North 0]~asted,
<br />State of Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted, in the principal sum of $42,000 for the purpose of
<br />purchasing a refuse packer truck and other trucks for the Service Department
<br />of the City.
<br />Section 2. Said bonds shall be issued in the principal amount of $42,000
<br />for the purpose aforesaid. The said bonds shall be dated August 1, 1971, shall
<br />be issued in the denomination of $5,000 each, except Bonds Nos. 1 and 4 which
<br />shall be of the denomination of $1,000 each, shall be numbered from 1 to 10,
<br />both inclusive, and shall bear interest at the rate of five and one-half per
<br />centum (>-1~2~,) per annum, payable semi-annually on the first day of June and
<br />the first day of December of each year beginning June 1, 1972, until the
<br />principal sum is paid, as evidenced by the coupons attached thereto; provided,
<br />however, that if the bonds are sold bearing a different rate of interest than
<br />herein specified, such bonds shall bear such rate of interest as may be pro-
<br />vided in the resolution of Cauncil approving the award thereof. Such bonds
<br />shall mature in their consecutive serial order as follows:
<br />$11,000 on December 1, 1972 and 1973; and
<br />$10,000 on December 1, 1974 and 1975
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of
<br />Finance and shall bear the corporate seal of said City. Interest coupons attached
<br />to said bonds shall bear the facsimile signature of the Director of Finance
<br />printed or lithographed. thereon. They shall be payable in lawful money of the
<br />United States of America at the office of The National City Bank oP Cleveland,
<br />Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary fluids to pay the
<br />interest on the foregoing issue of bonds pr~pt],y when and as the same falls
<br />due, and also to provide a fund sufficient to discharge the said serial bonds
<br />at maturity, there shall be ar-d is hereby levied on all taxable property in the
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