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~~rdinance i~To. 63 ice`:
<br />Page 2
<br />(c) Note issued pursuant to ©rdinance
<br />No. 62-142 passed August 8, 1962, in the principal
<br />amount of $14,000.00, for the purpose of paying th e
<br />cost and expense of constructing a storm sewer in
<br />Decker koad in the City of North t7~lmsted, Ohio; and
<br />that such bonds shall be issued in one lot; and that notes have
<br />been issued in anticipation of the issuance of said bonds.
<br />Section 2: 'That said bonds shall be in the
<br />denomination of X1,000.00 each, except bond No. 1 which is of
<br />the denomination of $620.00, shall be numbered from 1 through
<br />27, both inclusive, shall be dated the first day of September,
<br />1963, and bear interest at the rate of 3 1/2 per centum per annum,
<br />payable semiannuallyon.the first days of June and December. of
<br />each year beginng ~,~-;}~1ej,,~.,r 1, -}9~i4:, until the principal sum is ~-~--
<br />paid; provided, however, that if said bonds are sold bearing a
<br />different rate of interest than hereinbefore specified, such bonds
<br />shall bear such rate as may be provided for in the resolution of
<br />Council approving the award thereof. Said bonds shall mature as
<br />follows: $3,620.00 on the 1st day of December, 1965; $2,000.00
<br />on the 1st day of December, 1966; and $3,000.00 on the 1st day of
<br />December in each of the years from 1967 to 1973, inclusive, which
<br />maturities are hereby determined to be in substantially equal
<br />annual installments. ~~'he principal and interest of said bonds shall
<br />be payable at the North Olmsted 3ranch of the National City Bank
<br />of Cleveland.
<br />Section 3: That said bonds shall express upon
<br />their faces the purpose for which they are issued and that they are
<br />issued in pursuance of this ordinance; shall be signed by the Mayor
<br />and Director of Finance; and shall bear the corproate seal of said
<br />City. The interest coupons attached to said bonds shall bear the
<br />facsimile signature of the Director of Finance.
<br />Section 4: That for the purpose of providing the
<br />necessary funds to pay the interest on the foregoing issue of bonds
<br />promptly when and as the same falls due, and also to provide a fund
<br />sufficient to discharge the said serial bonds at maturity, ttlere
<br />shall be and is hereby levied on all the taxable property in said
<br />City of North Olmsted, in addition to all other taxes, a direct
<br />tax annually during the period said bonds are to run in an amount
<br />sufficient to provide funds to pay interest upon said bonds as and
<br />when the same fails due and also to provide a fund for the dis-
<br />charge of the principal of said serial bonds at maturity, which tax
<br />shall not be less than the interest and sinking fund tax required
<br />by Article XII, ~ 11 of the Constitution of Chio, provided, however,
<br />that in each year to the extent that the assessments anticipated by
<br />said bonds are available for the payment of such bonds and are
<br />appropriated for such purpose, the amount of such tax shall be
<br />reduced by the amount of the assessments so appropriated.
<br />Section 5: Said tax shall be and is hereby ordered
<br />computed, c ertified, levied and extended upon the tax duplicate and
<br />collected by the same officers, in the same manner, and at the same
<br />time that taxes for general purposes for each of said years are
<br />certified, extended and collected. Said taxes shall be placed bef ore
<br />and in preference to all other items and for the full amount thereof.
<br />The funds derived from said tax levies hereby required shall be
<br />placed in a separate and distinct fund, which together with all
<br />interest collected on the same, shall be irrevoleably pledged for
<br />the payment of the interest and principal of said bonds when and as
<br />the same fall due.
<br />Section 6:
<br />at par and accrued interest t
<br />Retirement Fund for investment
<br />ref uses to take any or all of
<br />shall be advertised for publi
<br />That said bonds shall
<br />o the officer in charge
<br />in said fund, and if
<br />said bonds, the bonds
<br />c sale and sold in the
<br />be first offered
<br />of the Bond
<br />said officer
<br />not so taken
<br />manner provided
<br />
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