62-076 Ordinance - Laserfiche WebLink

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CITY OF ivORTH OLMSTED Oft ~?I NANCE No. 62 ~_ By ~ , .~-G'--~~ Aiv ORDINANCE PROVIliiNG FOIL TFiE ISSUANCE OF BONDS OF THE CITY OF NORTH OLMSrED FOR THE PURPOSE OF PURCHASING BUSES AND DECLARING THE NECESSITY OF THE ISSUANCE OF BONDS FOR SUCH PURPOSE. WHEREAS, a note in the amount of $52,000.00 dated January 15, 1962, maturing July 15, 1962, authorized by Ordinance No. fit-119, has heretofore been issued in anticipation of the issuance of bonds hereinafter referred to, and it is de- sirable to fund said note at once by the issuance of bonds; and WHEREAS, this Council has requested the Director of Finance of this City to issue his certificate as to the estimated period of usefulness in years of buses, tires and necessary equipment on said buses to be purchased by the City for the operation of its Municipal Coach Line from the proceeds of bonds hereinafter referred to and as the maximum maturity of such bonds, and the Director of Finance has certified to this Council such estimated period of usefulness as being five C5) years and has further certified the maximum maturity of bonds as five (5) years. NOW, THEREFORE BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1: That it is deemed necessary to issue bonds of the City of North Olmsted in the principal sum of $52,000.00 in order to provide a fund for the purpose of purchasing two new buses for the North Olmsted Municipal Bus Line, tires and the specified equipment on said buses. Section 2: That said bonds shall be issued in the prin- cipal sum of $52,000.00 for the purpose aforesaid. That said bonds shall be dated June 1, 1962; shall be issued in the denomination of $1,000.00 each; shall be numbered from 1 to 52, inclusive, and shall bear interest at the rate of 4% per annum, payable on the 1st day of December, 1962, and semi-annually thereafter until the principal sum is paid as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolu- tion of Council approving the same. Said bonds shall mature in their consecutive serial order as follows: $11,000.00 on the lst day of December, 1963, $11,000.00 on the lst day of December, 1964, and $10,000.00 on December 1st of each of the .years 1965, 1.966 and 1967, both inclusive, which maturities are hereby determined to be in substantially equal annual installments. Section 3: Said bonds shall express on their face the purpose for which they are issued; that they are issued in pur- suance to this Ordinance and shall be signed by the Mayor and the Director of Finance and sealed with the corporate seal of said City. The interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance. Said bonds shall be designated as "Bus Purchase Bonds" and shall be payable in lawful money of the United States of America at the office of the National City Bank of Cleveland, North Olmsted Branch, North Olmsted, Ohio. Section 4: That for the purpose of providing the necessary funds to .pay the interest on the foregoing issue of bonds promptly when and as the same falls due and also to provide a fund sufficient to discharge said serial bonds at maturity, there shall be and is hereby levied on all taxable property i.n the City of North Olmsted,