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<br />CITY OF NOciTH OLPIST>;D
<br />OI~INANCE N0. 61 - ~~0
<br />~ ~~,. O ')JwC.~
<br />AN ORDINANCE AI1T'~OR:iZIlJG Tom; RFIV~~AL pN A NpTJ,; ISSI!:D IN
<br />ANTICIPATTCId OF TT"~, -i"SSUAPTCE OF DONDS ^0~'~ TIE PUF~'C?SE OF
<br />PURC?~ASIIJG BITSFS, PURS;JARIT TO ORDINANCE 61-119, AND DE-
<br />CLARl"NG TIiF NECE7SITY CAF T-~ ISSUANGF OF BONDS FOR SUCH
<br />PUPPO'~E.
<br />ink {,RFAS, Council, in accordance with the provisions of Ordinance
<br />61-119, enacted June 6, 1961, provided for the issuance of notes by the City
<br />in anticipation of tt~e iss~.iance of bonds fbr the purpose of purchasing bi.rses
<br />and declaring the necessity of the issuance of bonds for such purpose, and
<br />WHEREAS, the note so issued becomes due on or about January li,
<br />1962, and
<br />WI~REAS, it is the desire of Council to renew said Hate for an
<br />additional 6-month period, the Director of Finarrce having heretofore issued
<br />his .certificate as to the estimated period of usefulness in years of buses,
<br />tires, and necessary equipment purchased ay the City in its operation of the
<br />Municipal Coach Lane from the proceeds of bonds hereinafter referred to, and
<br />of the note issued in anticipation of said bonds, and as to the ma_xi.mum maturity
<br />of such bonds and note the Director of Finance certified to Council such esti-
<br />mated period of usefulness as :~eing five years and furt}rer certified the maxi-
<br />mum raturity of bonds as five years and of sucAr note as six months,
<br />NO?~T, TfiEJ'T',FOJLE, ~'~s ~~'I' O~r~ATCj'~',D by the Council of the City of ~dorth
<br />Olmsted, State of Oi-rio
<br />Section l: That it is deemed necessary to issue bonds of t~re City
<br />of Pdorth Olmsted in the principle sum of Fifty-Two Thousand Dollars (~?~%52,OtJti~
<br />in order to provide a fund for the purpose of purchasing ~w~r; new buses for
<br />the ?~TOrth Olmsted ;-T~znicipal Bus Tine, tires, and the specified equipment on
<br />said buses.
<br />Section 2: That said bonds of the Citv of North Olmsted shall be
<br />issued in the principle sum of Pifty-Two Thousand Dollars ( ;->52, 000) f'or the
<br />purpose aforesaid. Said bonds shall be of. the denomination o_f' One Thousand
<br />Dollars 01,000), shall bear interest at the rate of four per cent (1t`~) per
<br />annum, payable semi-annually on the first day of April and tare J''irst da~r of
<br />October of each year until the principle sum is paid, upon presentation and
<br />surrender of the I~roper interest coupons which shall bR attac"tied to said
<br />bonds; provided, however, the said bonds are sold bearing a difi'erent rate
<br />of interest than nere_nabove specified, such bonds will bear the interest
<br />provided in tyre resolution providing the same, and shall be payable at The
<br />National City :dank of Cleveland, North Olmsted Branch. `.:raid bonds srrall
<br />mature in five annual installments.
<br />Section 3: Council now determines it necessary that the note
<br />} issued in anticipation of the issuance of said bonds maturing on or about
<br />January 1~, 1962, hereby determines it necessary to renew said note f'or a
<br />period of six months in anticipation of the issuance of said bonds.
<br />Section ~: T'rrat such renewal anticipatory note in the amount of
<br />Fifty-Two Thousand .Collars ("~~i2,000) srrall be issued ~~earing interest not
<br />exceeding Your per cent (4~') per annum payable at the maturity of said note,
<br />and said renewal note or notes shall be dated as of the date the original
<br />note matures, January 15, 1962, and the renewal note s.rrall mature July 15,
<br />1962. Such renewal note s~~al1 be executed and delivered in such manner and
<br />in suc:n incornoratians as r7asT be requested by the purchaser thareof,
<br />Section ~: Said renewal note heretofore referred to shall be ex-
<br />ecuted by the ~•Zayor, s~rall bear the seal of trre municipal car oration; it or
<br />they shall be payable at The National City Bank, North Olmsted, Ohio
<br />and shall express upon its or their Face the ?urt~ose ~'or ~~rhich it or trey ar°e
<br />issued and that it or they are ?_s sired curs?cant to the provisions oT' this
<br />ordinance.
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