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<br />
<br />BY:
<br />CITY OF NORTH OLMSTED
<br />OIMINANCE N0. L7
<br />6 ?
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<br />AN ORDINANCE AUTfiORIZING THE ISSU.ANCE OF BONDS FOR
<br />THE PURPOSE OF PAYING PART OF THE COST OF CONSTRUCT-
<br />ING, EQUIPPING .AND FURNISHING A FREE PUBI,IC LIBRARY
<br />BUILDING AND IlMPROVING THE STTE THEREOF, AND DE-
<br />CLARING AN IIMERGENCY.
<br />WHEREAS, a$23,600 note was issued pursuant to Ordina,nce No. 68-123 in
<br />anticipa,tion of the bonds herein authorized and is about to mature; and
<br />WSEREAS, the Director of Finance, as Fiscal Officer of this City., has hereto-
<br />fore certified the esti.mated life of the improvement and the maximum ma,turity of
<br />the bonds proposed to be issued;
<br />NOW, TFiEREFORE, BE IT ORDAINID by the Council of the City of North, Cuyahoga
<br />County, Ohio;
<br />Section 1. That it is hereby decla.red necessary to issue bonds of the City
<br />of North Olmsted, in the principal sum of $23,600 for the purpose of pa,ying part
<br />of the cost of constructing, equipping and furnishing a free public library build-
<br />ing and improving the site thereof.
<br />Section 2. Said bonds shall be issued in the principal amount of $23,600
<br />for the purpose aforesaid. The said bonds shall be dated May 1, 1969, shall be
<br />issued in the denomina,tion of $1,000 each, except bond No. 1 in the denomination
<br />of $600,, shall be numbered #'rom 1 to 24, both inclusive, and shall bear interest
<br />at the rate of five and orze-half per centum (5-1/2%) per annum, payable semi-
<br />annually on the first day of June and the first day of Decem'ber of each year be-
<br />ginning December l, 1969, until the principa,l sum is paid, as evidenced by the
<br />coupons attached thereto; provided, however, that if the bonds are sold bearing a
<br />different rate of interest than herein specified, such bonds shall bear such rate
<br />of interest as may be provided in the resolution of Council approving the award
<br />thereof. Such bonds shall mature in their consecutive serial order as follows:
<br />$1,600 on December l, 1970; and
<br />$2,000 on December 1 in each of the years from 1971 to 1981, inclusive;
<br />which maturities are hereby determined to be in substantially equal annual in-
<br />stallments.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of Finance
<br />and shall bear the corpora.te seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of F'inance printed or
<br />lithographed thereon. They shall be payable in ].awf.il money of the United States
<br />of Atnerica at the office of The National City Bank of Cleveland, Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary f?znds to pay the
<br />interest on the foregoing issue of bonds promptly when and as the same falls due,
<br />and also to provide a fund sufficient to discharge the said serial bonds at
<br />maturity, there sha.ll be and is hereby levied on all taxable property in the City
<br />of North Olmsted, in addition to all other taxes, a direct tax annually during
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