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<br />of the City of North Olmsted in the principal sum of $3,240,000 for the
<br />purpose of improving the recreational facilities of the City by constructing
<br />a building housing an ice skating rink, swimming pool, tennis courts and
<br />appurtenant facilities, constructing a toboggan slide, acquiring, developing
<br />and improvittg the site therefor, and providing furnishings and equipment
<br />for such recreation center and grounds.
<br />SECTION 2. That such bonds shall be dated approximately June 1,
<br />1982, shall bear interest at the estimated rate of nine and one-half per
<br />centum (9-1/2Y) per annum, payable semi-annually, until the principal sum
<br />is paid, and, in accordance with present expectations and as permitted by
<br />Section 133.032, Ohio Revised Code, shall mature in 18 annual installments
<br />after their issuance substantially as follows:
<br />Year Amount Year Amount Year Amount
<br />1983 $ 85,000 1989 $130,000 1995 $220,000
<br />1984 90,000 1990 140,000 1996 240,000
<br />1985 100,000 1991 155,000 1997 260,000
<br />1986 105,000 1992 170,000 1998 285,000
<br />1987 1103,000 1993 185,000 1999 310,000
<br />1988 120,000 1994 200,000 2000 335,000
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $3,240,000 shall
<br />be issued in anticipation of such bonds and to retire, together with other
<br />f unds available to the City, the outstanding notes dated June b, 1980.
<br />Such anticipatory notes shall bear interest at a rate or rates not to exceed
<br />the maximum interest rate per annum permitted by law in effect at the time
<br />of the award and sale of the notes, payable at maturity, with provision,
<br />if requested by the purchaser, that in the event of default in the payment
<br />of the principal of such notes at maturity, such notes shall bear interest
<br />at a different rate or rates, but not exceeding the maximum interest rate
<br />per annum permitted by law in effect at the time of the award and sale of
<br />the notes, from the said maturity until the principal sum is paid. Such
<br />notes shall be dated June 5, 1981, and shall mature on June 3, 1982, but,
<br />if agreed to by the purchaser thereof, shall be issued subject to prepayment
<br />prior to maturity at par and accrued interest, and shall be issued in such
<br />numbers and denominations as may be requested by the purchaser thereof.
<br />SECTION 4. That such notes shall be executed by the Mayor and
<br />Director of Finance, one of whose signatures may be a facsimile, and bear
<br />the seal of the corporation or a facsimile of such seal; shall bear such
<br />numbers as designated by the Director of Finance; shall be payable at the
<br />main office of National City Bank, Cleveland, Ohio, without deduction for
<br />its services as the City's paying agent; shall be payable in lawful money
<br />or, if requested by the purchaser, in Federal Reserve funds of the United
<br />States of America; and shall express upon their faces the purpose for which
<br />they are issued and that they are issued pursuant to this ordinance.
<br />SECTION 5. That such notes shall be first offered to the Director
<br />of Finance as the officer in charge of the Bond Retirement Fund of the City
<br />and so many of the same as shall not be taken for said Bond Retirement Fund
<br />shall be sold by the Director of Finance at private sale for not less than
<br />the par value thereof together with any premium and accrued interest thereon
<br />and at an interest rate not exceeding that specified in Section 3 of this
<br />ordinance; and the Director of Finance is hereby authorized and directed
<br />to deliver such notes, when executed, to the purchaser thereof upon payment
<br />of such purchase price. The proceeds from the sale of such notes, except
<br />any premium and accrued interest thereon, shall be paid into the proper
<br />fund and used for the purpose for which such notes are being issued under
<br />the provisions of this ordinance and for no other purpose. Any premium
<br />and accrued interest received from such sale shall be transferred to the
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