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oRDINANCE NO. 588 By Mr. Faweett AN ORDINAI+iCE PROVIDING F'08 THE ISSUAATCE OF BONDS OF THE YILLAGE OF NOftTH OIMSTED FOR THE PURPOSE OF PURCHASING A SITE FOx MiJNICIPAL BUILDINGS. WfI?,'R:EAS, this counci,l has requested the Clerk to issue his certificate as to the estimated life of the property, asset or improvement proposed to be acquired or oonstructed fmm the pi*o- ceeds of the bonds hereinaf'ter referred to and the Clerk has certified to this eouncil such estimated life as exceeding ten years, and ha,s further certified the +a4im= maturity of such bonds as thirty yeaxs. NOWs THEREFORE, BE IT ORDAINED by the Council of the Village of North 01msted, State of Ohio: Section l. That it is deemed necessazq to issue bonds of the Village of North Olmsted in the principal stam of $3000.00 in order to provide a fund for the purpose of purchasirig a site for municipal build- irigs, and to provide a fund for the payment of not to eueeed one year 's iaterest on said bonds. That such notes shall not be issued in anticipation of the issuance of such bonda. Section 2. That bonds of the Village of North 0]asted shall be issued in the principal sum of $3000.00 for the purpose'aforesaid. Eaeh of said bonds shall be in the demomination of $200.00 and said bonds shall bear interest at the rate of fcur per cerit per annum, payable semi- annuaLly, on the first days of Apri1 and October og each year nntil the principal sum is paid, provided,, however, that if said bonds are sold bearing a diPferent rate of interest than hereinbefore speciYied, such bonds shall bear such rate of interest as may beprovided for in the resolution of conncil approving the arrard thereof. Said bonds s hall mature as follows : $200.00 on Oetober lst in eaeh of the years from 19LH2 to 1956, both inclusive, which maturities are hereby determined to be in substantially equal annual installments. The principal and interest of a11 of said bonds sha11 be payable at the office of The Bank of Berea Comparq, Idorth 0]msted Branch, North 0lmsted, Ohio. Seetion 3. That said bonds sha11 expreas upon their face the purpose Yor xhich they are issued; that they are issued in pursuance of this ordinance, and shall be signed by the Maynr and Clerk, and sealed with the corporate seal of said Village. The interest coupons attached to said bonds shall bear the facsimi.le signature of the Clerk. Said bonds sha11 be nvabsred from 1 to 15 inclusive. Said bonds sha11 be dated February 1, 1941., and ahall be designated as "Municipal I,and Bonds." S_ ectio,_ That for the purpose of providing the necessary fuads to pay the interest on the foregoing issne of boads, pronptl,y when, and as the saare falls due and alsa to provide a ftnd sufficient to discharge the said serisl bonds at maturity, there shall be and is hereby levied on all the tauable property in said Village of North Olmsted, in addition tc> a11 other taxes, a direct tau anntially during the period said bonds are to rtm in an amount sufficient to provide funds to pay interest upon said bonds as and when the saffie falls due and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax sha11 not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution. Said tax sha11 be and is hereby ordered comaputed, certified, levied and extended upon the tax duplicate arid collected by the same officers, in the sama manner and at t he same time that taaes for general purposea for each of said years are certified, extended and cvllected. Said tag sha11 be