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<br />CI'I'7C OF NOBTH OLMTED
<br />ORDINANCE NO! 3-'29
<br />By . ??
<br />AW 0$#?INANCE AUTSORI2IRG R'HE I3SUANCE 4F BE}NDS BY TTSE CITY
<br />OF NOffi OLNSTE99 OHID, FOB 3'HE MME OF CUNS`.t'RUCTING ARD
<br />BHWTING AN ADDITIUN TQ AND 3ELE ALTBMG OF THE Ft}LICE
<br />STA`3'St1N IN 2'HE CITY QF NC}xTK OLMSTED, AN'DD IIECLARIlffG AN
<br />EMERGENC'3C.
<br />WHERW, 8 note in the amount of $30PDUfi.00, da.ted Ma,reh 229 1960,
<br />maturiug December l, 19609 authorized by Ordinance No. 2955 es amended by Ordinanee
<br />No• 2997p bas heretofore been issued in anticipation of the issuance of bonds here-
<br />inafter referred to, arid it is deairable tv fund said note at mce by the isstzance
<br />of bands; aud
<br />k?EAS, the Directox of Finance and Auditor, as fiseal offiQer, ha,a
<br />heretofvre aertified as to the mAx;?m maturity of the bonds to be issued and ae
<br />to the eeti.mated liFe of the improvements so constructed, which maximnm maturity
<br />may not egceed ten yearst
<br />N4W, THEREFORE, BE IT QRDADTED by the Cotxncil of the City of North 41msted,
<br />State of C?hioa
<br />Section 1s That it is necessary to iasue bonds of the Citg of'North
<br />Olmsted in the principal amaunt of $30,000.00 for the purpose of cmotructing and
<br />ereeting an a,dditiox? to and the altering of the Police Station in the Cit,y ef North
<br />Olmsted; that a nnte, as above mentioned, 2aas been issued in aatieipatioa of said
<br />bcande; that no flirther anticipatory notes shall be iseued; and that said bonds shall
<br />be issued i.n one lot.
<br />Section 2: TYiat said bonds sha11 be in the denomination of $I,044.00 each,
<br />sb.a,ll be numbered from 1 to 30, both inclusive, shall be dated the first day of
<br />Janu.ary, 1961, and shali bear interest at the rate of four per aentum perannviml
<br />payable sem.i.-annually cu3 the first day of dune and the first dsy of Deceffiber of each
<br />year uritil the pxineipal aum is paid, commeneing June 1, 1961, as evidenced bg the
<br />caupans attached thereto; provided, howeverp that if the bmds are sold bearing a
<br />differen.t rate of interest than herein specified, such bonds shall bear sueh rate
<br />of i.nterest as may be provided in the resolution of C€nxncil approving the awa.rd
<br />thereof. Such bonds shall mature aa follows: $39000.00 on December 1 in eaeh of
<br />the years from 1962 to 1971, inclusiveg which maturities are hereby determi.zted to
<br />be in aub$tantially equal annual iustallments.
<br />Seation 3: Said bonds shall be exeeuted by the Mayor and the Director
<br />of Finance and Auditor and shall bear the corporate seal of said City. The i.nterest
<br />coupons attaehed to said bonds shall bear the facaimile signature of the Director of
<br />Finance and Auditur printed or lithographed thereon. They shall be designated "Police
<br />Station Bonds" a.n.d shall be payable in lawfhl money of the ttnited States of America
<br />at the office of the Nationa7. City Bank of Clevela.nd, North Olmsted Brara.ch, North
<br />Olmsted, Ohio.
<br />Seeticm 4: Tha.t for the purpose of providing the necessary ffunda to pay
<br />? the interest on the foregoing issue of bonds, promptly whan and as the sa,me falls
<br />due and also to provide a fund sufficient to discharge the said serial bonds at
<br />matu,rity, there shall be and is hereby levied on all the taxable property in said
<br />City of North Olmsted, in addition to all other ta,xea, a direct taac antaually during
<br />the period said bonds are to run in an amaunt sufficient ta provide funds to pay
<br />intereat upon said bonds as and when the same falls due and also to provide a fund
<br />for the dischaxge of the principal of said serial bonds at maturity, which tax shall
<br />not be less than the interest and sinking fund tag required by Section 11 0f Article
<br />%II of the Conatitution.
<br />Seetion 5: Saa.d tax sha,11 be and is hereby ordered eomputedt certified,
<br />levied and extended upan the tax duplieate and collected by the same officers, iu
<br />the same manner, and at the same time that taxes for general purposes for each of
<br />said ysars are certified, extended and collected. Said tax sha11 be placed before
<br />a,nd in preference to a11 other items and for the full amcrunt thereof. The funds
<br />derived fron saa.d tax levies hereby required shal.l be placed in a separate and
<br />distinet fund, whieh together wi.th alI interest collected cm the same, sha].1 be
<br />irrevoeably pledged for the pa,yment of the interest and principal of sai.d bonds
<br />when and as the same fall due.
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