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BY- )?V • Wi4 ?
<br />CITY OF NORTH OLMSTEU
<br />ORDINANCE N0. 4ORDINAIVCE AUTHOHIZING THE ISSUANCE OF BONDS BY THE
<br />CITY OF NORTH OLMSTED FOR THE PURPOSE OF PURCHASING A
<br />PACKER-TYPE GARBAGE TRUCK FOR THE DEPAR`i'MENT OF PUBLIC
<br />SERVICE OF SAID CITY, AND nECLARING APd L'MERGEPiCY.
<br />WHEREAS, a note in the amount of $21+,000 was authorized pursuant to Ordinance
<br />No. 68-27 in anticipation of the bonds herein authorized, which note matures on
<br />Februaxy 29, 1969 but is subject to redemption at the option of the City at any
<br />time; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this Cit,y, has hereto-
<br />fore certified the estimated life of the property and the maximum maturity of the
<br />bonds proposed to be issued,
<br />OhiNOW, THEREFOR?;, ?3F IT ORDAINED by the Council of the City of T?orth Olmsted,
<br />o:
<br />Section l. That it is hereby declared necessary to issue bonds of the Cit,y of
<br />North Olmsted in the principal sum of $24,000 for the purpose of purchasing a packer-
<br />type garbage truck for the Department of Public Service of said City.
<br />Section 2. Said bonds shall be issued in the principal amount of $24,000 for
<br />the purpose aforesaid. The said bonds shall be dated June l, 1968, shall be issued
<br />in the denomination of $5,000 eacYi, except bond i1o. 1 which shall be in the denomina-
<br />tion of $4,000, shall be numbered from 1 to 5, both inclusive, and shall bear interest
<br />at the rate of five per centum (50) per annum, payable semi-annually on the first
<br />day of June a,nd the first day of December of each year beginning June l, 1969, until
<br />the principal surn 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 herein
<br />specified, such bonds shall bear such rate of interest as may be provided in the
<br />resolution of Council approving the award thereof. Such bonds shall mature in their
<br />consecutive serial order as follows:
<br />$4,000 on December l, 1969; and
<br />$5,000 on December 1 in each of the years from 1970 to 1973, inclusive;
<br />which maturities are hereby determined to be in substantially equal annual install-
<br />ments.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of Finance
<br />and shall bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or litho-
<br />graphed thereon. They shall be designated "Garbage Truck Bonds", and shall be payable
<br />in lawful money of the United States of America at the main office of The National
<br />City Bank of Cleveland, Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary funds to pay the inter-
<br />est on the foregoing issue of bonds promptly when and as the same falls due, and
<br />also to provide a fund sufficient to discharge the said serial bonds at maturity,
<br />there shall be and is hereby levied on a,ll taxable property in the City of North
<br />Olmsted, in addition to all other taxes, a direct tax annually during the period
<br />said bonds axe to run in an amount sufficient to provide funds to pay tr,e interest
<br />upon said bonds as and when tYie same falls due, and also to provide a fund for the
<br />discharge of the principal of said serial bonds at maturity, which tax shall not
<br />be less than the interest and sinking fund tax required by Section 11 of Article
<br />XII of the Constitution of Ohio.
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