65-194 Ordinance - Laserfiche WebLink

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~~~: ~~ oxDnrA~ po. ~5- /9 s air oRDnraPC.s avT~aiznrc THa zsstuures of X320, von o~ mar BUI7.DING HO1+la8 OF THa CITX QF 110HTH OL~'!l,U, CVYAUOGA OOtI!'i'i, OHIO, loOR ~$ RTItFORE OF OOg$TAUCTIIrG, ~TIP'PI1Ki AED I~IRCi A FRLE PUBLIC LIBAAR~C BITILDIH(3 A1tA ~OTIS~ T~ BITS TB~DF, AIrD D®Q~ARIIrti AU ICY CAB, pursuant to resolutions heretofore adopted by this Council as election vas held on Bo~rember 3, 1964, upon the question of issuing beads for the purpose of constructing, equipping and furnishing a free public library building and isproving the site thereof, in the aaouat of #32,000 sad o! a levy of taxes outside of tax limitations to pey the principal and interest on such bonds; and ~ti ,° Wt~IiEAS, at said election the requisite majority of those voting upan the proposition voted in favor thereof and this Council now proposes to proceed With the issuance of said bonds; and WHEREAS, this Council desires a single bond issue for said purpose sad by reason of said election proceedings the neucimum maturity is twenty-two years; NUW, Z~~FtEFt~RE, BE IT ORDAINED by the Council of the City of North Olmsted, G~ralwga County, Ohio : Section 1. That it is necessary to issue the bonds of the City of Uorth Olmsted in the principal amount of $320,000 for the purpose of constructing, equipping and furnishing a free public library building and improving the site thereof; that such bonds shall be issued in one lot; and that notes shall not be issued in anticipation of the issuance of said bonds. Section 2. That said bonds shall be in the dec~omination of $1,000 each, shall be numbered from 1 to 320, both inclusive, shall be dated the first dey of September, 1965 and shall bear interest at the rate of three and one-ha1.1' per centum (3-1~2~-j per annum, payable semi-annually on the first dsy of June and the first day of December of each year until the principal sum is paid, commencing June 1, 1966, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as m4Y be provided in the resolution of Council approving the award thereof. Bch bonds sh~l1 mature as follow; $].5,000 on December 1 in each of the years frat 1967 to 1978, inclusive, and X14,000 on December 1 in each of the years from 1979 to 1988, inclusive, which maturities are hereby determined to be substantially in egos]. annual installments. Section 3. Said bonds shall be executed by the t~te~yor and Director of Finance and shall bear the corporate seal of said City. The interest coupons attached to said bonds shall bear the facsimile •ignsture of the Mrector of Finance printed or lithographed thereon. They shall bt desi~-atsd "L# Building Bonds and shall be p~yrsble in lavtlil aoa~- of the United States ~ America at the"main office of The National City Bash of ClevelanRi, Cleveland, t7hio.