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<br />T?? PR(J?IDE FOR AN ZSSUE OF $1. ,,3O0 ,OOQ PRIMappy, AMOUNT
<br />co t' NO'IES 7?t l?1?1?I?:IiPA'?IIO?t 0?' THE ?$P?(Z C?` B(?D6 yOR
<br />TEE F'(W06E OF PAXIN(3 THE CITX' S POMO1Q 0F ZM COST
<br />02' EXTLNIDING THE MiTDiICIPAI, SEWERAan S7fSTEM IN AFFA ?
<br />OF TBE CTsY, ANU AECIARTNG AN EMEF{(ENCY
<br />WIMMS, t,his Council. Y?,as hea-etofore determined to andertake improvesuente to
<br />the mumicipal spwerr3ge systein recommerx3ed by its consu.l.ting eragineers, and hereino
<br />aftez° descri'aed. j anrl
<br />WHERELSa iouricii finds it necessary tra #'inance the Cityss portioII of the cost
<br />of s?ieh imparave,ment bv the isauaxzce of the xa+ot,eg hereina.fter praeide4i for, in
<br />wiairh conaection the fiscal officex° Ya,s certiPied aa t;c the .Life qf such imprvve-
<br />!,ient and ?he m,axtmzu:9 m,atiari_ty of sa,id natese and of the batad.s s.ntieipated therebY,
<br />NOW, `1TERI?F'ORE, IF II` ORDAINEU by Lhe Couwi1 of the City of Namth Olmsted,
<br />Ohlo :
<br />Sectior. 1. `LTMa.at it is heaeby declared necessaay tp ibsue tae bonds of the City
<br />iri the gr.,ncipai sum of $1?3C0," for the purpaaat of paY1-ng the CitY's Fortion of
<br />the ;?o$t oi' exuee?.?iraaF-; tYae muun:ici?1. sewcrage a?st? in l4rea 3of t?ee tiity.
<br />Seetion 2. 7hat said be9rds s.ha-11 be ciated apgzoacimatel,y the first day tyf
<br />December, 1965, ::;a1l l?ear interes* rew estimated at three arid one-half per centi,un
<br />per anril;rc) payable se.*ni-annually, E+xui zha11 uiatux°e in twer.ty annual ir,s vallmsnts
<br />afWez° their 1ssuardce.
<br />S(=c?:i??ta ;, "ilaat for the purpose of razsing mvney in anticipation of the i8suance
<br />Of bonds for the afaresai-d inpi°ovenPn?, it is hex?eby dec?sred necessax?r to Jssue ar?d
<br />ti?.??i°e sr??.1 ?ae iss;ae(I rates of sa? d City in the anaaunt of $1,300,1000.
<br />Section 4. Th,at such arstici.patory rotes in tha smoturt afaresaici sha11 be iseued
<br />bearirig interest at s;zch ratQ, bu L riot excee?,?irf8 3-1J$% gser .axtmm., as sha1.1 be epe-
<br />cifieci i.n the awax,3 thereof by thc Audj.tor at private sa1e, such irnteres$ to be pay-
<br />able at zaa4iaaity as;d until paid. Said notea sha.ll bO dated as csf the date ot their
<br />issuance and shEi11 marure one year after such date. Such notes shal..l be exyscuted in
<br />svch number and s;ich denoninatioaS n8 may be z°equested by the pus°chasar thereof.
<br />Directa!' of Pimme
<br />5ectian 5. Siich notes skaal.i be eacecuted by the Mayvr and. ../ - and beaz° the
<br />seasal of vhe corpoxationQ? `'Y?ey shatZ ? payeble at t,?ie Office of The Natian+41. City
<br />?zak c??' Clevelar?cl, C:1.e?, __€srid, Qtxdso' attd stsal.l express upon their facec the purpose
<br />Por which they axy issued sn?. that they are issueci pursijant tU +2-.is oxz3.inanceo
<br />aect::on 6. SaJ.d no1?es shal1 be fSrst oPfered to the officer in charge of the
<br />? Bcsrxi ?ie±:ir?;men? ?';ar?i, ?tryd so max?,y of the game as shal.l not be tak.en by said oPficer
<br />shall- bs sald by the I?irec tar of Fi-Laxice at priva-t,e sale at ;wt less than per and at 'axi -?ntexr.st a°a'e nr,t: p;reater than ttae maxtmum specified a.n Section 1+ isereof. The prci- '
<br />ceed.?, dr_?rived fn..mi ;;u,Ai sa;e, shall except bor premj_tm, if any, be paid into the pro_ ? I
<br />per fand a„id ased ',,r -u!;e p,irpose afore;;a1 dl. and for no ather purpose, and for xhieh
<br />purjxose 5air, money t..: ?.erc-by a};Pr0gr7iat;P; a AqY Prezniu3n received shal"L be paid ini:o ?
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