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The principal and interest of all payable to bearer at the National City Bank Olmsted Branch in the City of North Olmsted For the payment of said principal thereto attached, the full faith and credit is hereby irrevocably pledged. of said bonds shall be of Cleveland, North Ohio. and said interest coupons of the City ofNorth Olmsted Section 3. That said bonds shall express upon their face the purpose for-which they are issued,; that they are issued in pursuance of this ordinance, and shall be signed by the Mayor and Auditor, and sealed with the corporate seal of said Gity. The interest coupons attached to said bonds shall bear the facsimile signature of the City Auditor. Section That for the purpose of providing the necessary funds to pay t e merest on the foregoing issue of bonds, promptly when, and as the same falls due and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in said City of North Qlmsted, Ohio, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient tc+ provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fend for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitu- tion. Said tax shall be levied outside the ten mill limitation. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for gen- eral purposes for each of said years are certified, extended and col- lected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which together with all interest collected on the same, shall be irrev- ocably pledged for the payment of the interest and principal of said. bonds when and as the same fall due. S®cti~n ~,. That said bonds shall be first offered at par and accrued interest to the treasurer as Officer in Charge of the Bond. $etirement Fund and if said Treasurer refuses to take any or all of said bonds:-then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law, but not for less than theiY par value and accrued interest;; the bond sale advertisement shall state that any one desiring to do so, may present a b1d or bids. for such bonds based upon their bearing a different rate of interest than hereinbefore fixed, provided, however, that where a fractional interest rate is bid, such fraction shall be one-quarter of one per cent or multiples thereof the proceeds from the sale of said bonds, except the premmiur~ and accrue interest shall be used for the purpose aforesaid and for no other purpose. Section 6, The Clerk is hereby directed to forward a certi- fied copy ~ hi-s~frdinance to the County Auditor. S®cti~ 7. This £~rdinancs is hereby declared to be an timer-- geney measure necessary for the public health, peace and safety and to provide immediately for the purpose of acquiring real. estate for the future construction of fire houses and the purchase of fire apparatus urgently required for the protection of the lives and ~operty of the inhabitants of the City, and this Ordinance shall take effect immediate upon its passage and approval by the Mayor. .~ ~ ~- ~. PASSED: ~~-~ ~ ~~~ '~ _.._ ~ ~. _ _ ,~ ATTEST :: ` ~, ., , c^~ ~ ~, E. M. G i an, Clerk E. Baumgardn esident o1f/~C-ouncil of Co it APPROVED: ~~~~~.,,~, a or / Charles B. Lewis Y i~~o , ,, 'J ~~ ~' ~~ ~~