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ORDIrAT~TCE N0. lOb2 BY: llR. LE`~vIS ORDITVATdCE TU PROVIDE t~'OR THE TSaUANCE Or NOTES FOR THE REPAIR AND RET~IODEL- ING OF THE MUNICIPAL SHELTER HOUSE IIV THE IJORTH OL~ISTED CITY PARK AT1D THE ERECTTOr OF AN ADllITTON TO SAID SHELTER HOUSE, DESIGNATED AS SHELTER HOUSE ADDITTOId I~IO. 2 WHEREAS, this Council has requested the City Auditor to issue his certificate as to the estimated life of the improvement to be constructed 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 as exceeding five years and has further certified the maximum maturity of such bonds as fifteen years and such notes as two years. Tv0~~1, THEREFORE, be it ordained by the Council of the City of forth Olmsted, State of Ohio, Section 1. That it is deemed necessary to issue the bonds of the City of North Olmsted in the principal sum of X10,000.00, in order to provide a fund for the purpose of repairing and remodeling the muni- cipal shelter house in the T~orth Ulmste~: City Park and erecting an ad- dition to said shelter house, designated as Shelter House Addition No. 2, which is owned by the City of North Olmsted, used by the general public and is of non-fireproof construction. Section 2. That said bonds of the City of north 01.msted shall be issued in said principal sum of 10,000.00 for the purpose afore- said. Said bonds shall be of the denomination of X500.00, except Bonds Nos. 3, b, g, 12 and 15 which shall be in the denomination of ~~''1,000.00; shall 'Dear interest at the rate of 4 per centum per annum, payable semi- annually on the first day of April and the first day of October of each year until the principal sum is paid, upon presentation and sur- render of the proper interest coupons which shall be attached to said bonds; provided, however, that if' said bonds are sold bearing a dif- ferent rate of interest tTian hereinbefore specified, such bonds shall bear such rate of interest as may be provided for in tree resolution awarding the same, and shall be payable at The National City Bank of Cleveland, North Olmsted Office. Said bonds shall mature in ten annual installments. Section 3. That it is necessary and this Council hereby deter- mines 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 exceeding four (4) per cent 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 October 1, 195t~; such note or notes shall be executed and delivered in sucT~rnanner and such denominations as may be requested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by the i'~iayor and th.e City Auditor; shall bear the seal of the corporation, they shall be payable at the office of the rational City wank of Cleveland, Forth Glmsted 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.