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ORDINANCE N0. /~ S`f -~ BY ~ i~~ /~'`~z1 ORDINANCE TO PROVIDE FOR THE ISSUANCE OF BONDS.FOR THE REPAIR AND :ftE~IODELING OF THE MUNICIPAL SHELTER HOUSE IN-THE NORTH OLI~STED CITY PARK AND THE ERECTION OF Av ADDITION. TO SAID SHELTER HOUSE WHEREAS, the C©until of the City of North Olmsted, uhio, contemplates issuing bonds in the amount of X25,000.00 for the pur- pose of repairing and rem©delin,g the municipal shelter house in the North Olmsted City Park and erecting an addition to said shelter house, which is owned by the City of North Olmsted, used by the general public and is of non-fireproof construction, and also to pro- vide for the payment of interest maturing previous to the receipt of taxes from which such interest is to ultimately be paid, and WHEREAS, this Council desires a single bond issue f®r the foregoing. purposes, and the Auditor of the City of North Olmsted has certified that the life or usefulness of the property aad improve- ments contemplated is fifteen years, and that the maximt~ maturity of said bonds in accordance with Section 2293-9 of the General Cade is fifteen years, which maximum maturity does not exceed the maximum number of years required to retire the bonds as certified by this Council to the County Auditor. NOW THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, STATE OF OHIO, that for the pure®se of repairing and remodeling of the municipal shelter house in the tuorth ulmsted City Park and erecting an addition to said shelter house, which is owned by the City of North ©lmsted, used by the general public and is of non-fireproof construction, and also to provide for the payment of interest maturing previ©usly to the receipt of taxes from which such interest is to be ultimately paid, it is necessary to issue and there shall be issued and sold bonds of this City in the principal amount of 5,000.00 under authority of the Uniform tsond Act of the General Code of the State of Ohio. That such bonds shall be issued in-one lot. Section 1. Said bonds shall bear date of duly 1, 1953, shall be of the denomination of ~1 000.00 each, shall be coupon bond, shall be payable to bearer at the A~ational City Bank of Cleveland, North Olmsted Office, North Olmsted, Ohia, shall bear interest at the rate of three per centum (3~b) per annum payable semi-annually on the. first day of April and the first day of October of each year until the prin- cipal 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 0f interest than hereinbefore specified, such bonds shall bear such rate of in- terest as may be provided for in the resolution awarding the same. Said bonds shall be signed by the Mayor and Auditor, bear date of July 1, 1953, and shall be numbered and be due and payable as follows: Date of Maturity October 1, 195 October 1, 1955 October 1, 1956 October 1, 1957 N rs 1 2 and 3 4 and 5 6 lAt X1,000.00 2 ,000.00 2 ,000.00 1,000.00