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NOW, THEREFORE, BE IT ORTlAINED BY THE COUNCIL OF THE CITY OF NORTH OLNSTED,
<br />CUYAHOGA COUNTX, OHIO, THAT:
<br />Section l. Seweraae $YStem a UtilitY mAuthorization of $1,525,000 of
<br />e az, Yroceeas --
<br />Mun?cipality hereby finds and determines that the munieipal sewerage system
<br />has been, and shal.l hereafter be, operated as a public utility, including all ex-
<br />tenAinns 4fa.nd improvements to said system, that prior ta the issuance o.f
<br />the Improveme-At Bonds rates and chaxges fbr the services of said Utility will
<br />have been fixed in an amount sufficient to pay the costs of operating and
<br />maintaining sa3.d Utility and to leave an amount of revenues adequate for the
<br />prin,cipal and interest, debt service reserve and replacemert an.d improvement
<br />requirements and otherwise to comply urith thc covenants herein provided for,
<br />and that it is nece$sary to issue and se11 the Improvement Bonds in the
<br />principal amount of $1,525,000 and having the terms provided for herein, the
<br />proceeds to be used to pay the costs of the Project and costs incidental
<br />thereto and incidental to the issuance and sale of said Improvement Bond.se
<br />In the event that, after paying ar provi.di,ng for the foregoing costs, any balance
<br />aha11 remain in t,he Const.rucfi ion Fund hereinafter eatablished, then not less
<br />than twenty-five per centwnthEreof or $25,000, whichever is lower, shall :forth-
<br />with be pa.id in to the Debt Service Reserve Fund, and the xemainder not so
<br />deposited may be apprapriated and used for further capital improvements to
<br />the Utility which are then recommended by the Engineer.
<br />Section 2. Termeot'T.mprovement Bonds and Special, Terms of the Bonds --
<br />The Improvement Bonds shall be init3.a113r issued in coupon or fully registered
<br />form as may be requested by the origina,l purchasers thereof and shall be exchange-
<br />able for fu11y registered or coupon bonds in the marner and on the terms provided
<br />in -the Mortgage. Improvement Bonds in coupon fozm shall be dated November 1,
<br />1960, shall be in the denomination of $1,000 eaeh and registrable as to principal,
<br />and shall be numbered 1 to 1525, inclusivea Improvement Bonds in fully registered
<br />form shall be in denominations of $1,000 or any multiple thereof and shall be
<br />numbered as determined by the Fiscal Officer. Each Improvement Bond in registered
<br />form without coupons shall be dated as of the interest payment Ute on which it
<br />is authenticated or the interest date next preceding the date of its authentication
<br />or as of the same date as the coupon bonds 3f authenticated prior to the firat
<br />interest payment date; provided, however, if, at the time of authentication of
<br />,i registered bond without coupons, interest is in default, such Improvement Bond
<br />shall be dated as of the date to which interest has been paide The Improvement
<br />Bonds sha11 beax interest payable semis.nnually on June first and December first
<br />of each year, beginning June 1, 196i, until the principal sum becomes due ancl
<br />payable at the rates set forth below, wi,th interest on any overdue principal and
<br />(to the extent that payment of such interest is enforceable under applicable
<br />law) on any overdue installment of intereat until the principal swn is paid, at
<br />a rate of six,per centum per annumo Said Improvement Bonds shall mature annually
<br />on December first as follows:
<br />2b
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