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BY !~/. • ~.-- CITY OF NORTH OLMSTED ORDINANCE N0, y~-~-~-Z AN ORDINANCE AUTHORIZING THE ISSUANCE OF $95,000 BONDS FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING CERTAIN REAL ESTATE ON LORAIN ROAD AS A SITE FOR THE EXPANSION OF THE CITY BUILDING COMPLEX, AND DECLARING AN EMERGENCY. WHEREAS, a $95,000 note was issued pursuant to ordinance No. 73-127 in anticipation of the bonds herein authorized,. which note matures on March 15, 1974; and WHEREAS, Council has determined to issue the bonds herein authorized to provide the funds necessary to retire the outstanding note at its maturity; and WHEREAS, the fiscal officer of the City has certified his estimate of the life of usefulness of the improvement hereinafter mentioned and the maximum maturity of bonds; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1, That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $95,000 for the purpose of paying the cost of acquiring certain real estate on Lorain Road as a site for the expansion of the City Building Complex. Section 2. Said bonds shall be issued in the principal amount of $95,000 for the purpose aforesaid. The said bonds shall be dated March 1, 1974, shall be issued in the denomination of $5,000 each, shall be numbered from 1 to 19, both inclusive, and shall bear interest at the rate of five and one-quarter per centum (5-1/4%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning December 1, 1974, 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 rate 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: $5,000 on December 1 in each of the years from 1975 to 1993, inclusive, which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall be signed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the main office of National City Bank, 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 same 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 addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio.