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<br />BY: Mr. _~-~ :- o ,~ ~,~~,.-~.-~r~ AN C~DI~IA1dCE PftQVIDING FOR THE ISSUANCE
<br />OF BONDS OF THE CITY OF A14RTH (1L~lSTED, OHIO,
<br />FOR THE PURPOSE OF ACQUIRING REAL ESTATE
<br />FOR THE FUTURE CONSTRUCTIOAT OF FIRE HOUSES
<br />AND THE PURCHASE OF FIRE APPARATUS.
<br />WHEREAS, at an election held on the second dap of November,
<br />1954, on the proposition of issuing b©nds of the City of North Olmsted,
<br />Ohio, for the purpose hereinafter stated, in the sum of Fifty Thousand
<br />Dollars 050,000,00), and of levying taxes outside of the ten mill
<br />limitation to pay the interest and principal of such bonds, at least
<br />fifty-five percentum of those voting upon the proposition voted in
<br />favor thereof, and
<br />WHEREAS, this Council has requested the City Auditor t© issue
<br />his certificate as to the estimated life of the property, asset or im-
<br />provement proposed to be acquired or constructed from the proceeds of
<br />the bonds hereinafter referred to, and the Citp Auditor has certified
<br />to this Council such estimated life as exceeding fourteen years, and
<br />has further certified the maximum maturity of such bonds as fourteen
<br />pears.
<br />1~OW, THEREF08E, BE IT OxDAINED BY THE COUNCIY. OF THE CITY
<br />OF N08TH OLMSTED, STATE OF OHIO:
<br />Section 1 That it is deemed necessary to issue the bonds of
<br />the City o Wort sted, Ohio, in the principal sum of X50,000.00,
<br />in order to provide a fund for the purpose of acquiring real estate for
<br />the future construction of fire houses and the purchase of fire apparatus
<br />and to provide a fund for the payment of not to exc®ed one years in-
<br />terest on said bonds, That such bonds shall be issued in one lot and
<br />that anticipatory notes shall not be issued in anticipation of the is-
<br />suance of such bonds.
<br />Section 2. That bonds of the City of North Olmsted, Ohio,
<br />shall be issued r~ the principal sure of $50,000.00 for the purpose
<br />aforesaid, $ach of said bonds shall be in the denomination of X1,000,00
<br />and said bonds shall be dated March l., 1955, and shall bear interest
<br />at the rate of three (3~~ per centum per annum, payable semi-annually
<br />on the first days of April and October of each pear until the principal
<br />sum is paid, beginning October l., 1955, provided, however, that if said
<br />bonds are sold bearing a different rate of interest than hereinbefore
<br />specified, such bonds shall bear such rate of interest as may be pro-
<br />vided for in the resolution of Council approving the award thereof.
<br />Said bonds shall be numbered from one to fifty inclusive, and
<br />shall mature as follo~rs
<br />Date of Maturity Lumbers Ameunt
<br />
<br />October 1_, 1956 1 to 3 both inclusive 3.,000.00
<br />October 1, 1957 4 to 6 n " 3,000.00
<br />October 1, 195$ 7 to 9 TM n 3,000,00
<br />October 1, 1959 10 to 12 » n 3,000.00
<br />October 1, 1960 13 to 15 ~ ?' 3,000.00
<br />October 1, 1961 16 to 1$ " ~ 3,000.00
<br />October 1, 1962 19 to 22 ~ " 4,000.00
<br />October 1, 1963 23 to 2b " tt 1,000.00
<br />October 1, 1964 27 to 30 » ~ 4,000.00
<br />October 1, 1965 31 to 34 n n 4,000.00
<br />October 1, 1966 35 to 3$ '! " 4,000,00
<br />October 1, 1967 39 to 42 " " 4,000.00
<br />October 1, 196$ 43 to 46 " ~ 4,000,00
<br />October 1, 1969 47 to 50 ,t n 4,000.00
<br />xhich maturities are hereby determined to be in substantially equal
<br />annual amounts.
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