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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ~~
<br />By G%~ ~~,,~
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF $35,000
<br />OF BONDS FOR THE PURPOSE OF ACQUIRING CERTAIN REAL
<br />ESTATE AND THE BUILDING THEREON ON DOVER CENTER
<br />ROAD AS A SITE FOR THE EXPANSION OF THE CITY
<br />BUILDING COMPLEX, AND DECLARING AN EMERGENCY.
<br />WHEREAS, this Council by Ordinance No. 76-38 authorized the
<br />issuance of a note in the amount of $34,300 for the purpose set forth in
<br />Section 1 hereof, which note matures on June 3, 1977; and
<br />WHEREAS, Council has determined to issue the $35,000 bonds
<br />herein authorized, the proceeds of which will be used to retire the
<br />aforesaid note and to provide an additional $700 for expenses incidental
<br />to the issuance of the bonds; and
<br />WHEREAS, the fiscal officer of the City has certified to the maximum
<br />maturity of the bonds herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of North Olmsted in the principal sum of $35,000 for the
<br />purpose of acquiring certain real estate and the building thereon on Dover
<br />Center Road as a site for the expansion of the City Building Complex.
<br />Section 2. Said bonds shall be issued in the principal amount of
<br />$35,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1977,
<br />shall be issued in the denomination of $5,000 each, shall be numbered from
<br />1 to 7, both inclusive, and shall bear interest at the rate of six per centum
<br />(6%) per annum, payable semi-annually on the first day of June and the first
<br />day of December of each year beginning June 1, 1978, until the principal
<br />sum is paid as evidenced by the coupons attached thereto; provided, however,
<br />that if the bonds are sold bearing a different rate of interest than herein
<br />specified, such bonds shall bear such rate of interest as may be provided in
<br />the resolution of Council approving the award thereof. Such bonds shall
<br />mature in their consecutive serial order as follows:
<br />$5,000 on December 1 in each of the years from 1978 to 1984,
<br />inclusive;
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />Section 3. Said bonds shall be signed by the Mayor and Director
<br />of Finance, provided that one of such signatures may be a facsimile signature,
<br />and shall bear the corporate seal of said City. Interest coupons attached
<br />to said bonds shall bear the facsimile signature of the Director of Finance
<br />printed or lithographed thereon. They shall be payable in lawful money of
<br />the United States of America at the main office of National City Bank,
<br />Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary funds to pay
<br />the interest on the foregoing issue of bonds promptly when and as the same
<br />falls due, and also to provide a fund sufficient to discharge the said serial
<br />bonds at maturity, there shall be and is hereby levied on all the taxable
<br />property in said City of North Olmsted, in addition to all other taxes, a
<br />direct tax annually during the period said bonds are to run in an amount
<br />sufficient to provide funds to pay the interest upon said bonds as and when
<br />the same fall due, and also to provide a fund for the discharge of the principal
<br />of said serial bonds at maturity, which tax shall not be less than the interest
<br />and sinking fund tax required by Section 11 of Article XII of the Constitution
<br />of Ohio.
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