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CITY OF NORTH QL1v15TFD
<br />ORDINANCF N0.
<br />By
<br />AN t18DINANCP AU`1'HORTZING THE ISSIIBNCE OF BONDS BY THE CITY
<br />OF N4RTH OIMSTID, QHIQv FOR THE PIIRPOSE OF CONSTBIICTING AND
<br />ERECTIATG 1 SERVICE GABB,GE FOR 9HE CI3'Y TN THE CITY P.ARK, AND
<br />DF1CI,ARING AN E1ERGENCY.
<br />WSOfftEA5, a note in the amauut of $109000.00, dated December 23, 1959g
<br />which matured October I, 1960, authvr3.zed by Orda.uance No. 2909, has heretofore
<br />been issued in anticipatioa of the iasuance of bonds hereinafter referred to, and
<br />it is desirable tm fluid said note at onae by the issuance of bonds; and
<br />WHTEEAS g the Iirector of Finance and Auditor, as fiscal officer, has
<br />heretofore aertified as to the mad.m= maturity of the bonds to be issued and as
<br />to the estimated life of the improvements so constructed, whieh maximum matu.rity
<br />may not exceed ten years,
<br />NOW, TH&LMRE, BE ZT QRD9INM by the Council of the City of North Olmstsd,
<br />state of Ohios
<br />Section 1= That it is necessary to issue bonds of the City of North
<br />Olmsted in the principal amount of $10,000.00 for the purpose of constructing and
<br />erecting a Seraiee Garage for the City i.n the City Park; that a note, as above
<br />mentioned, ha,s been issued im mnticipatiau of said bonds; tba.t no furthe•r antici-
<br />patory notes sha11 be issrii.ed; and that said bond.s shall be issued in one lot.
<br />Seetioa 21 That sa3.d borP'ds shall be in the dsnomi.nation of $1,000.00
<br />eaeh, shall be nia,mbered from 1 to 10, both inclusive, shall be dated the first day
<br />of January, 1961, and shall bear interest at the rate of four per centuea per anzium,
<br />payable semi-atutually on the first day of June and the first day af Deeeffiber of ea,ch
<br />year until the pxincipal sum is paid, commencing Ju.ne I9 19619 ag evideneed by the
<br />coupons attaehed thereto; prov3.ded, howeverl that if the bor3.ds are sold bea,ring a
<br />different rate of interest than herei.n specified, such bonds shall bear such rate of
<br />interest as may be provided in the resolutiozt of Council approeing the award thereof.
<br />Such bonds shall mature as followss $19,040.00 on December 1 in each of the years
<br />frm 1962 to 1971, inclusive, which maturities are herebv determiaed to be in
<br />substantially equal amual installments.
<br />Sectian 3= 5aid bonda shall be executed by the Mayar and the Director
<br />of Finance and Au.ditor and shall bear the corparate seal of said Gity. The interest
<br />coupons attached to said bond.s eW1 bear the facsimile signature of the Direator of
<br />Finanae and Auditor printed or lithographed therean. They shall be designated "5ercri.ce
<br />Garage Bonds" and shall be payable in lawful money of the IInited States of America
<br />at the offiee of 2'ize National City Bank of Cleveland, Nnrth Olmsted Brancht North
<br />Olmsted, Ohio.
<br />Seeticm 4: Tha,t for the purpose of previding the necessary funds to pay
<br />the interest on the foregoing iesue of boads, prnmptly when and ss the same falls
<br />due and also to provide a fund sufficient to ci:ischarge the said $eri84 boads at
<br />maturity, there shall be and is hereby levied on all the taxable property in said
<br />City of North tllmsted, in additicm to a11 other taxes, a direct taac anuually during the
<br />period said bonda are to san in an amoust sufficiarit to pxovids faads to pey interest
<br />upm said bonds as and when the same falls due and also to provide a fund f or the
<br />diacharge of the principal of said serial bonds at matuxity, which taz shall not be
<br />less than, the interest and sinking fund tax required by Seeticn 11 of Article XII
<br />of the Constitution.
<br />Section 5= Said tax shall be and is hereby ordered camputed, certified,
<br />levied and extended upon the tax duplicate and c4llected by the same officers, i.n the
<br />same manner and at the same time that taxes for general gurposes for each of said
<br />years are certified, extended and collected. Said tax shall be placed befare and i.n
<br />preference to all other iteme and for the full amount thereof. The fund.e d,erived fxam
<br />sa.i.d tas levies hereby required shall be placed is a separate aud distinct fund, whioh
<br />together with all inter,est collected on the same, shall be irrevocably pledged for the
<br />payment of the interest and principa.I of said bonds when and as the same fal.l due.
<br />?`Y.2.?tn.! esa.f . ,: '?4, . ..... ..... . . .. .. . .
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