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CITY OF 1dORTH OLjMSTED ORDINANCE iVO. ?4 By- AN ORDINANCE AUTHORI'LITTG THE ISSUANCE OF BONDS BY THE CITY OF NORTH OLMSTED FOR THE PURPOSE OF PURCHASING A 90-FOOT ARTICULATED BpOM PIJMg'ER-TYPE FIP,E TRUCK WITH APPURTENANT EQUIPMENT, AND DECLARING AN EMERGENCY. WHExEAS, a note in the amount of $88,500 was authorized pursuant to Ordinance No. 67-198 in anticipation of the bonds herein authorized, which note has not been issued because of delay in obtaining delivery of such fire truck; and WHEREAS, the Director of Finance, as fiseal officer of this City, has hereto- fore certified the estimated life of the property and the maximum maturity of the bonds proposed to be issued, Ohio: NOW, THEREFORE, BE IT ORDAINED by tne Council of the City of North Olmsted, Section l. That it is hereby declaxed necessary to issue bonds of the City of Tlorth Olmsted in the principal sum of $85,000 for the purpose of purchasing a 90- foot axticulated boom pumper-type fire truck with appurtenant equipment. Section 2. Said bonds shall be issued in the principal amount of $85,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1968, shall be issued in the denomination of $1,000 each, shall be numbered from 1 to 85, 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 year beginning June 1, 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 bear 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: :p8,000 on December 1 in each of the years from 1969 to 1973, inclusive; and $9,000 on December 1 in each of the years from 1974 to 1978, inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. Said bonds shall be executed by the Niayor and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear tne facsimile signature of the Director of Finance printed or litho- graphed thereon. `rhey shall be designated "Fire Truck Bonds", and shall be payable in lawful money of the United States of America at the main office of The iVational 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 ciue, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to a11 other ta.xes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide fla.rids 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 saict serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of tne Constitution of Ohio. Section 5. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in pre- ference to all other items and for the full amount thereof. The funds derived from