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? <br />j-, <br />0I3DIIZANCF, NO <br />? 1.Q rd'OVJJ?gi FoR AN J.SSUE+ AJF$1.,3Ovli/VO L"RiM1iAL !fi'OM <br />0F WYES IN AADZICZPATION 0F THE I38UANCE fF BONDS FOR <br />THE F'tJRPOBE QF PAYIN4 '1'HE CITY IS P0RMOX OF T!E COST <br />OF EXTENIDING THE MLINICIPAL SEWERM(M SYSTBNI IN ARM a <br />OF TfE CITY, AND DECIARIPiG AN EHF"NG"l <br />\ I <br />Q,,HEMB, this Council has heretofoze d?texmined to undertak?imps?o and herei? <br />the municip??1 se?+era8e systesn xecom?ended b its co??tin8 n8 ? <br />after deecribed j a:1d <br />WHEREAS, Gouncil finds i.t neceBSaxy to ginance the City ° s portion af the cost <br />of such improvement bg+ dhe isauance of the notea hereitaafter provide3 for, in <br />Wlaich coxuiectiUn?h? ??uMtyfofcsaid8ru?'teg certified <br />ofsthe ?°?ei?.nticipat?dithez'ebY; <br />ffient and the r?a?c <br />NqW, TflEREF'OI;7,, BE IT OHIDAINED bY the Council of the City of Nox°th Olmsteds <br />Ohio : <br />Section lo Ttaat it is hereby declared necessa:ry to issue the bnruis ofthe ?aCofy <br />in the principa.l sum oi $A ?,300,Ot?O for the purpode of ?ying the City' s Po?io the cost of extending the municipa.l ser,rerage sirstem in Area 3 of the City• <br />Section 2. That, said bonda shall be dated epproxi.raately the first d.ay of <br />December, 1965, shali beax in*eres t roW estimated at three and ane-half per centum <br />per annum, paYable semi-annually, and shall mature in twen?y annual installments <br />after thetr issuance e <br />Sect;ion 3- That for the Puz°Pcse of raising aaoneY in anticipation, of the issuance of borbds for the a2or.'e??es?f sa?eCi hereby ofa??0?0,ea? to ?sue a?. <br />there aliall be issued <br />Section 4. '"?iat such anticigatory rwtes in the amount aPores?d shall ? e?s? <br />bearing interest at such rate, but not exceeding 3°1/?'Pe?°-?s <br />cified in the awaAd thereof by the Auditor at privete ea1e, euch in.terest to be PaY- <br />able at maturity and until P$id. Said zwtea ahsll be ciatcd as of the date of theix <br />issuance and shal:L mature one year after such date. in <br />such number aaud s,.?ch .{e:r?minations aa may be reciuested by the Dgx,ectof of Fiasewe <br />. atxi beas° the <br />Section 5• Such n.o ues ahall be executed by the Meynr azul .'- f <br />seal of the corporatiort. T1iey shall be psyable at the office af Ths Nation4i. Gity <br />P.ank of Clevelaixd; Cleveland, Oblca, exui shal-1 expresg aPon their faces the p+.zrpose <br />Por vhich ;hey are> issuecO, and that; theY az°e iesued pursuant to thie ardinanceW <br />Section 6. Said nookes sha11 be firet ofgered to the officer i;n eharge of the <br />Bnnd Retirement F'und, " so me?nY of the same as sha11 r'ot be tak.en by said ofSieer <br />shall be sol.d by the Director oY Finance at sale hezeo?r ? and P?- <br />an interest rate not grQater than the maximum spe fie be ge.id into the ?axr- <br />p,eceed.s derived fi?c?::1 su"Y? sa1e: ahall eaccept Aor premium, if ar.sY, <br />?':,? <br />r ?'und, ar?a usec;, i, the 3?urpose afcresaj.d arx3 for no other puzpoeP, and for vhiiv <br />remi? received stia.ll ? paid :ixatr? <br />r?ur?se sai?, money .i:; r:ereb?r appra?a?'ia?ed. Any F