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ORDINANCE N0. y y ~ Z Y~~ ~ ~~ AN 0 INANCE AUTIiORIZING THE ISSUANCE OF A NOTE I1V ANTICIPATION OF THE ISSUANCE. OF BOND FOR THE PURPOSE OF PURCHASING NEW MUNICIPAL BUSES AND F,QUIPMENT NECESSARY T ,, +0 FOR USE IN THE OPERATION OF THE NORTH OLMSTED MUNICIPAL COACH LINE, AND DECLARING AN EMERGENCY i~REAS, Council has determined it to be necessary to require additional buses and equi~nent for the Municipal Bus Line and to finance the same by the issuance of bonds and of notes in anticipation thereof; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of such bonds to be five years, and of such notes to be five years if sold publicly or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1. That it is deemed necessary to issue bonds of the City of North Olmsted in the principal sum of Fifty-Three Thousand Nine Hundred Dollars {$53,900) in order to provide a fund for the purpose of purchasing T~ ~ new municipal buses and equipment necessary thereto for use in the operation of the North Olmsted Municipal Coach Line. Said bonds shall be issued in the principal surn of $53,900 for the purpose aforesaid shall bear interest at the estimated rate of three and one-half per cent (3-1~2;) per annum, and shall mature in five annual installments. Section 2. That it is necessary that a note shall be issued in anticipation of the issuance of said bonds. Section 3. That such note in the amount of Fifty-Three Thousand Nine Hundred Dollars ($53,900) shall be issued bearing interest at the rate of two and ten hundredths per centum (2.lOf) per annum, payable at maturity of said note, shall be dated as of the date of issuance, and shall mature on or before one year after date. Section ~+. Said note shall be executed by the Mayor and Director of Finance, shall bear the seal of the municipal corporation, shall be payable at The ational City Bank of Cleveland, North Olmsted Branch, North Olmsted, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to the provisions of this ordinance. Section 5. Said note shall first be offered to the Director of Finance of the City, having charge of the Bond Retirement Fund of the City, and, if rejeet~cl by him, then said note shall be and it is hereby:°~'ded to The National City Banff of Cleveland ,a~ at its par value. The proceeds thereof shall be paid into the proper fund and used only for the purpose aforesaid. Section 6. Said note shall be the full general obligation of the City of North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of bonds anticipated by said note and any excess ` fta~ids:. resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose.