69-091 Ordinance - Laserfiche WebLink

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r ,ow.. CITY OF NORTIi OLMSTED OIMINANCE N0. _(4-l? BY: AN ORDINANCE AUTHORTZING TSE ISSUANCE OF BONDS FOR THE PURPOSE OF PURCHASING MOTORIZED EQUIPMENT FOR Z'HE SERVICE DEPARTMENT OF THE CITY, VIZ. A GARBAGE PACKER TRUG'K AND A IiYDRAULIC DIGGER, AND DECLARING AN IIKERGElVCY. WHEREA,S, a$69,000 note was issued pursuant to Ordinance No. 68-152 in anti- cipation of the bonds herein authorized and is about to mature; and WHERFAS, the Director of Finance, as Fiscal 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; NOW, THEREF'ORE, BE IT ORDAINE"D by the Council of the City of North Olmsted, State of Ohio; Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted, in the principa,l sum of $69,000 for the purpose of purchasing motorized equipment for the Service Department of the City, viz. a garbage packer truck and a hydraulic digger. Section 2. Said bonds shall be issued in the principal amount of $69,000 for the purpose aforesaid. The said bonds shall be dated Ma,y l, 1969, shall be issued in the denomination of $1,000 each, shall be numbered from 1 to 69, bath inclusive, and shall bear interest at the ra,te of five and one-half per centum (5-1/2%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning December 11 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 ra.te 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: $13,000 on December l, 1970; and $14,000 on December 1 in each of the years from 1971 to 1974, inclusive, which maturities are hereby determined to be in substantially equal annual in- stallments. Section 3. Said bonds shall be executed by the Mayar and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds sha.ll bear the facsimile signature of the Director of Finanee printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the office of The National City Ba,nk of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the saxne falls due, 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 addi-tion to a11 other taxes, a direct tax annually during - 1 -