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~,_ CITY OF NORTH OLMSTED ORDINANCE No. 63 `" ,~,So .c ~~~ y ` AN ORDINANCB PROVIDING FOR THE ISSUANCE OF (?NB HUNDRED AND ONE THOUSAND THREE HUNDRBD UOOLLARS „~ ($101,300.00) C1F BONAS 4F THE CITY OF NORTH OLMSTED, FC>R THE PURPOSE OF PURCHASING HU3ES AND THE NI3CESSARY EQUIPMBNT ON SAID BUSES, AND 9ECLARING AN EMERGENCY. WHEREAS, the city of North ©lmsted has awarded the bid for purchase of four (4) buses and the tires and necessary equipment for said buses to be purchased by the City for the operation of its municipal coach line at a cost of $101,300.00; and WHEREAS, the Director of Finance has certified to this Council that the life of the property herein described is at least five (5) years and that the maximum maturity of bonds to be issued to pay the cost of purchasing such property is five (5) years. NOW, THEREF7RE, HE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1: That it is necessary to issue the bonds of the City of North Olmsted in the principal sum of $101,300.00 for the purpose of purchasing four (4) buses and the tires and necessary equipment on said bus~s,f or use in connection with the operation of its municipal coach line, that such bonds shall be issued in one lot; and that notes shall not be issued in antici- pation of such bonds. Section 2: That such bonds shall be in the denomination of One Thousand Dollars ($1,000.00) each except Bond No. 1, which is of the denomination of Three Hundred Dollars ($300.00), shall be numbered from No. 1 to No. 102, both inclusive, shall be dated the first day of December, 1963, and bear interest at the rate of three and one-half per centum (3-1/2~) per annum, payable semi-annually on the first days of June and December of each year, beginning June 1, 1964, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than hereinabove specified, such bonds shall bear such rate as may be provided for in the resolution of Council approving the award thereof. Said bonds shall mature a.s follows $21,300.00 on the first day of December, 1965, and $20,000.00 on the first day of December in each of the years from 1966 to 1969, inclusive, which maturities are hereby determined to be in substantially equal annual installments. The principal and interest of said bonds shall be .payable at The National City Bank of Cleve- land - North Olmsted Branch. Section 3: That said bonds shall express upon their faces the purpose for which they are issued and that they are issued in pursuance of this ordinance; shall be signed by the Mayor and Director of Finance and shall bear the corporate seal of said city. The interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance.