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.l <br />t? <br />?F • <br />!s C'ITY OF NORTIi OUETID <br />,a <br />qSItAl'fCE 110. J7-? <br />f' <br />f \ <br />BT <br />AN ORDIItANCE AtTBORI?.IM THE I3SUAACE OF BONDS BY THE CITY <br />01' NORTH OLMS'1'ED F'OR 'PH'E PMOSE OF PA7ING THE CITY' S <br />PUtiTION OF TBE C03T 0F EKT&iMNCi AND IWROVIAI(i THE ? <br />MIQICIPAL SANITARY 3IIi1Wt3L SYSPM BY CONSTRIJCTING <br />3Al1ITARZ SB1ERS AND UMSARY APPURTIINANM, AND DECIARING <br />? AN EMMEWY. <br />WBAREpB, notes in the amounts of $1,300,000 and $138,000 have been <br />isswd pureuattt to Ordinance Xo..66-59 and Ordinance No. 66-207, respectively, <br />in aaticipatioa of the bonds berein authorized, Which notes are about to <br />aaturt; and <br />WEM3, the Director of Fimance, as fiscal officer of this City, <br />lus beretoYore certified the estinated lire of the property and the maximil- <br />maturity of the bond• proposed to be issued, <br />AOMI, THffiREFORE0 BE 1'r 0lMAINID by the Council of the City of <br />Ncrth Olmstefl, Ohio: <br />Section l: That it is hereby declared necessary to iseiie bonds o! <br />'the City of North Olmstsd, in tbe principe?1 sum of $1,490,000 for the purpose <br />of pWng t2e City's portion of the cost of extending and improving the <br />munieipal eanitary seWerage syatem by constructing sanitary sewers and <br />neeesaary appurtenances. <br />Section 2: 3aid bonds shal.i be issued in theprincipal amount of <br />$1,pW,000 !or the purpose aPoresaid. The said bonds ehall be datecl <br />April l, 1967, sball be issued in the denomination of $5000 each, shall be <br />nunbered lram 1 to 298, both incl.usive, and shall bear interest at the rate <br />of four per centum (4%) per annum, payable sesi-annually on the first day <br />o! June arid the first day of December of each year beginning December 10 <br />1967, uatil the principel sum is peid, as evidenced by the coupons attached <br />thereto; provided, hawever, that if the borids are sold bearing a different <br />rate of interest than herein apecified, such bonds shall bear such rate of <br />intereBt a8 nay be provided in the resolution of Council approving tlx award <br />thereof. Such bonds shall mature in their consecutive serial order as <br />follaus: <br />U9000 on December 1 in each of the years 1966 ar,d 1969; and <br />,000 on Deceaber 1 in each of the years from 1970 to 1992, inclusive; <br />Which maturities are hereby determined to be in subetantially equal annual <br />inatallments. <br />Said bonds shall be cellable at par in Whole or in part at the <br />option of the City on DeceIDber 1 19f38 or on ar?y interest paymerrt date <br />t?iereei'tier. IP less than the eUire urmdatured portion of eaid bonds ie <br />• called tor redeaaption at any time or from time to time, they shall be <br />called in their inverse serial number sequence. Any right of redemption of <br />bonda ehail be exercised by reaolution or ordinance of Council arid notice <br />of redemption, specifying by rnunber the bonds to be called, shall be <br />published once a veek for tvo consecutive weeks in a°inancial ,journel of <br />national ^irculation, the first publication to be not more than Yorty nor <br />leas than thirty days prior to the date of redemption, upon Wr.ich date all <br />intereet upon the bonds so called shall cease.