68-071 Ordinance - Laserfiche WebLink

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CITX OF NORTH OLNISTED ORDINAN'CE NO. By - AN ORDINANCE AUTIiORIZING THE ISSUAt?1CE OF BONDS BY THE CITY OF NORTH OLMSTED FOR THE PURPOSE OF PURCHASING 2'WO NEW BUSSES FOR USE IN THE OPERATION OF THE NURTH OLMSZ'ED MIJNICIPAL COACH LINE, AND DECLARING AN EMERGENCY. WHEREAS, a note in the amount of $55,300 was authorized pursuant to Ordinance No. 67-206 in anticipation of the bonds herein authorized, which note matures on April 22, 1968; and WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto- fore certified the estimated life of the property a.nd the maximum maturity of the bonds proposed to be issued, Ohio: NOW, THEREFORE, BE IT ORDAIIdED by the Council of the City of North Olsasted, Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $55,300 for the purpose of purchasing two new busses for use in the operation of the North Olmsted Municipal Coach Line. Section 2. Said bonds shall be issued in the principal amount of $55,300 for the purpose aforesaid. The said bonds shall be dated June 1, 196£3, shall be issued in the denomination of $5,000 each, except bond No. 1 of the denomination of $1,300 and bond Nos. 4,7,10 and 13 of the denomination of $1,000 each, shall be numbered from 1 to 15, both inclusive, and shall bear interest at the rate of five per centum (5/) per annum, payable semi-annually on the first day of June and the first day of December of each yeax beginning June l, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall beax such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $11,300 on December 1, 1969; and $11,000 on December 1 in each of the years from 1970 to 1973, inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds sha11 bear the facsimile signature of the Director of Finance printed or litho- graphed thereon. They shall be designated "Municipal Bus Purchase Bonds", and shall be payable in lawf'ul money of the United States of America at the main office of The National City Bank of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to pay the inter- est on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the sa.id serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide ftiinds to pay the interest upon said bonds as and when the same falls due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which ta.x shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio.