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<br />ORDINANCE N0.
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $1,700,000 PRINCIPAL AMOUNT
<br />OF BONDS FOR PAYING PART OF THE COST OF CONSTRUCTING A MUNICIPAL SEWAGE
<br />TREATMENT PLANT AND SANITARY SEW.F~RS, AND DECLARING AN EMERGENCY
<br />WHEREAS, at the regular election held on the 3rd day of November, 19,59, on the
<br />proposition of issuing bonds of the City oj' North Olmsted, Ohio, for the purpose
<br />hereinafter stated, in the sum of $1,700,000 and for levying taxes outside of the
<br />ten-mill limitation to pay the interest and principal of such bonds, the requisite
<br />majority of those voting upon the proposition voted in favor thereof; and
<br />' WiiEREAS, under authority of Ordinance~> Nos. 2963 and 61-17, Council determined
<br />the necessity of issuing notes in anticipation of the aforesaid bonds and caused
<br />to be issued a portion of such notes in the: principal amount of $1,500,000, which
<br />notes are now outstanding and about to fa17_ due; and
<br />WHEREAS, the Auditor has certified and the election proceedings provide that the
<br />maximum maturity of such bonds sha].1 13e forty years;
<br />NOW, THEREFORE, BE IT ORI~INED by the Council of the City of North Olmsted, Oha.o:
<br />Section 1. That it is deemed necessary to issue in one lot the bonds of the City
<br />of North Olmsted authorized by the electors; as above recited, in the principal sum of°
<br />$1,700,000 for the purpose of paying part of the cost of constructing a municipal
<br />sewage treatment plant and sanitary sewers; and to retire the outstanding notes, herein-
<br />above described. Notes shall not, except t,o the extent already issued as hereinabove
<br />recited, be issued in anticipation of the issuance of such bonds.
<br />Section 2. Said bonds shall be in they denaminatio;n of $1,000 each, numbered from
<br />1 to 1700, inclusive, shall be dated June 1., 1961, shall bear interest at the rate of
<br />four per centum per annum, payable June 1, 1962 and semiannually thereafter on the
<br />first days of June and December of each year until the principal sum is paid, provided,
<br />however, that if said bonds are sold bearing a different rate of interest than herein
<br />provided, they shall bear such rate as may be provided for in the resolution of Council
<br />approving the award thereof. Said bonds sb.a.ll mature annually as follows:
<br />$6,5,000 on December 1 in each of the years 1962 to 1971, inclusive; and
<br />70,000 on December 1 in each of the years 1972 to 1986, inclusive,
<br />which maturities are hereby determined to be in substantially equal annual installments.
<br />The principal and interest on said bonds shall be payable at the Main Office of The
<br />National City Bank of Cleveland, Cleveland, Ohio.
<br />Section 3. ghat said bonds shall express upon their face the purpose for which
<br />they are issued; that they are issued in pursuance of this ordinance, and shall be
<br />signed by the Mayor and by the Director of Finance, provided that one of such
<br />signatures may be a facsimile signature, anal sealed with the corporate seal of said
<br />City or facsimile thereof. The interest coupons attached to said bonds shall bear
<br />the facsimile signature of the Director of Finance.
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