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3146 Ordinance
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3146 Ordinance
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2/3/2014 10:10:19 AM
Creation date
1/23/2014 10:01:34 AM
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North Olmsted Legislation
Legislation Number
3146
Legislation Date
11/3/1960
Year
1960
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Ad.clitional Bonds, adjusted for any rate changes p1.aced in <br />effect during such period, 1.ess the operating and maintenance <br />expenses incurred during such period., were, when divided by <br />one and one-half, in an amount not less than 140% of° the <br />largeat amount which would be needed to be pa,id into the <br />Debt Service Fund in any year to meet interest and principal <br />maturities of a.ll Bonds to be autstanding immediately after <br />the iasuance of the Additional Bondsa <br />The proceeds of any sale of Additional Bonds sha1.1. be allocated in substantial.l.y <br />the same manner as provided in this oxclinance with respect to the Zmprovement Bonds <br />and a Construetion Fund for such proceeds shall be created in connection with each <br />such issue of Additi onal Bonds and shall be applied to the purposes set fox•th in the <br />certificate of the independent engineer and to defray costs and expenses incidental th er <br />to the sale or ipsuance of such Additiona,l Bondso <br />Interest and principal of all Additional Bonds shall have the same payment <br />dates as are provided in this Ordin,ance with respect to the Improvement Bondso <br />Eaeh issue of Additional Bonds shall be drawn to mature not earlier than the <br />next principal maturity date of Bond.s then outstanding, and wit.h px°incipal <br />matur3.ties such as to require and permit substantial.l,y equal annusl deposit <br />requirements into the Debt Service Fund, after the issuance thereof, under <br />the ternis of paragraph Second of Sectian 4 of this Ordinance o <br />Section 7. Terms of the Bonds Generall,y -- The Bonds shall be designated <br />as set forth in the p,reambles to this Ordinance, shall be payable in lawful <br />money of the United States, shall be in coupon form but with privilege of <br />registration as to principal or in fully registered form as provided in the <br />ordinance authorizing such Bonds or in the Mortgage, shall (except when <br />x°egistered) be negotiable instruments, shall express upon their face the <br />purpase for which they are issued, shall be issued pursuant to Arti,cle XVIII, <br />3ection 12 of the Constitution of the State of Ohio and shall be executed by <br />the Executive and by the Fiscal. Officer of the Municipality and sealed with the <br />corporate seal or sha11 be executed and sealed in such mannex° as mAy be required <br />in such ordi,nance or by 1a.w or charter provision (if any) applicable at the <br />time of issuance of the respective Bondso Interest coupons attached to the <br />Bonds shal]. bear the facsimi.le signature of the Fiscal Officer or such other <br />facsimile or manuel signature als abal]...be :7rei?4;°ed by guch ordinance or by .law <br />or charter provision (if ary) applicable at the time of issuance of the <br />respective Bondsa The Additional Bonda shall bear such designation as may <br />be necessary to distinguish them fram the Improvement Bond.s or otlaex^ Additional <br />Bonds having different provisions and shall have matux°itiea, interest rates, <br />interest payment dates, redemption provisions, denominations and other provisions <br />as provided in this ordinance or in the ordinances hereafter adopted providing <br />for iasuance of the Additional. Bonds, proeided, howevex°, tohat such terms and <br />provisions shall not be inconsistent with this Qrdinance, t;he Mortgsge or <br />the then outstanding Bonds. <br />2h <br /> <br />
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