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CITY OF - RTH OLMSTED ..,,,
<br />ORDINAN N0. 80-32
<br />PAGE 2
<br />Year Amount Year Amount Year
<br />Amount
<br />1981
<br />1982 $ 65,000 1988 $120,000 1995 $220
<br />000
<br />
<br />1983 70,000
<br />80
<br />000 1989
<br />1990 130,000 1996 ,
<br />240,000
<br />
<br />1984 ,
<br />85,000
<br />1991 140,000
<br />155
<br />000 1997
<br />1998 260,000
<br />
<br />1985
<br />95,000
<br />1992 ,
<br />170,000
<br />1999 285,000
<br />310
<br />000
<br />1986
<br />1987 100,000
<br />110
<br />000 1993
<br />1 185,000 2000 ,
<br />335,000
<br /> , 994 200,000
<br />Said bonds shall be callable at par in whole or in part at
<br />the option of the City on December 1, 1993 or on any interest payment date
<br />thereafter. If less than the entire unmatured portion of said bonds is
<br />called for redemption at any time or from time to time, they shall be called
<br />in the inverse numerical order of those outstanding. Any right of redemption
<br />of bonds shall be exercised by resolution or ordinance of Council and notice
<br />of redemption, specifying by number the bonds to be called, shall be published
<br />once a week for two consecutive weeks in a financial journal of national cir-
<br />culation, the first publication to be not more than forty nor less than thirty
<br />days prior to the date of redemption, upon which date, unless default shall
<br />be made upon presentation in the payment of the redemption price, all interest
<br />upon the bonds so called shall cease.
<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 or a facsimile thereof. Tn-
<br />terest coupons attached to said bonds shall bear the facsimile signature of
<br />the Director of Finance printed or lithographed thereon. They shall be payable
<br />in lawful money of the United States of America at the main office of National
<br />City Bank, 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 direct
<br />tax annually during the period said bonds are to run in an amount sufficient
<br />to provide funds to pay the interest upon said bonds as and when the same
<br />fall due, and also to provide a fund for the discharge of the principal of
<br />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; provided, however, that in each year to the extent that revenues
<br />from the municipal recreational facilities are available for the payment of
<br />such bonds and are appropriated for such purpose, the amount of such tax shall
<br />be reduced by the amount of such revenues so available and appropriated.
<br />Section 5. Said tax shall be and is hereby ordered computed, cer-
<br />tified, levied and extended unpon the tax duplicate and collected by the same
<br />officers, in the same manner and at the same time that taxes for general pur-
<br />poses for each of said years are certified, extended and collected. Said
<br />tax shall be placed before and in preference to all other items and for the
<br />full amount thereof. The funds derived from said tax levy hereby required
<br />shall be placed in a separate and distinct fund, which, together with the
<br />interest collected on the same shall be irrevocably pledged for the payment
<br />of principal and interest on said bonds when and as the same fall due.
<br />Section 6. Said bonds shall be first offered at par and accrued
<br />interest to the officer in charge of the Bond Retirement Fund in his official
<br />capacity, and if said officer refuses to take any or all of said bonds, then
<br />said bonds not so taken shall be advertised for sale and sold in the manner
<br />provided by law. The proceeds from the sale of said bonds, except the
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