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ORDINANCE N0. ,2 !~~ BY : T~2r. __l~_~_~~~~ ~ ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES FOR THE PURCHASE OF REAL ESTATE TO ESTABLISH MUNICIPAL, WASTE DISPOSAL :LAND FILL FACILITIES FOR THE CITY OF NORTH OLMSTED, OHIO. WHEREAS, this Council has requested the Gity Auditor to issue his certificate as to the estimated life of the acquisition or improve- ment to be purchased from the proceeds of the bonds hereinafter referred to and of the notes to be issued in anticipation of said bonds, and as to the maximum maturity of such bonds and notes, and the City Auditor has certified to this Council such estimated life is thirty years and has further certified the maximum maturity of such bonds as thirty years and such notes as two years. NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH Oi~ISTED, STATE OF ~HIO: Section 1„~ That it is deemed necessary to issue bonds of the City of Nort~iasted in the principal sum of X9,000.00, in order to provide a fund for the purchase of real estate to establish a municipal waste disposal land fill facility for the benefit of the general public of said City. Section 2. That said bonds of the City of North Olmsted shall be issued in tie -said principal sum of X9,000.00 for the purpose afore- said. Said bonds shall be of the denomination of X1,000.00 each, shall bear interest at the rate of 4 per centum per annum, payable semi-annually on the first dap of April and the first day of October of each year until the principal sum is paid, upon presentation and surrender of the proper interest coupons which shall be attached to said bonds;; provided, how- ever, that if said bonds are sold bearing a different rate of interest as may be provided for in the resolution awarding the same, and shall be payable at The National City Bank of Cleveland, North Olmsted Office. Said bonds shall mature in nine annual installments. Section 3. That it is necessary and this Council hereby determines that notes shall be issued in anticipation of the issue of said bonds. Section 4. That such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at a rate not exceed- ing four per cent (1~.`~) per annum, payable at the maturity of said note or notes;; said note or notes shall be dated as of the date said note or notes are sold, and shall mature on or before one year after date; such note or notes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said note or notes. Section Said note or notes shall be executed by the Mayor and the City editor; shall bear the seal of the corporation; they shall be payable at the office of the National City Bank of Cleveland, North Olmsted Office, in the City of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance. Section 6. Said note or notes shall first be offered to the Treasurer o the pity and so many of the same as shall not be taken by said City Treasurer shall be sold at private sale by the City Auditor, but not for less than par and accrued interest, and the proceeds from