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oRDnwl~ 110,~,3~
<br />AN ORDSAAI~ ATJIZ'HORI ZI l1G Tl~ ISBtIAIl~GZ 0~' BQl1D6 BY
<br />CITY tl!' 11tflt'.l'li t]i~'1'~, Ilt Al!!'ICiPATT011 Of T~ t7aLr-
<br />L8CTI011 (g- 3F~CIAL A8t3E8'ElI~ITB lit T!~ ~ tx- Cp1-
<br />5TRUCTIl1(3 SIIl~iALPCS tM1 LORAIIt AQIID~ t70l~IA IiQAD Al1D
<br />WALTER ROAD, AIiD D>;CLARIIIQ All 1Ci.
<br />Wll>6RRA5, notes were issued pursuant to Ordinance Ilo. 64-312 in anticipation of
<br />the bonds herein authorized and are about to mature; and
<br />WIIRREA3, the Director of Finance, as fiscal officer of this City, has heretofore
<br />certified the estimated life of the improvement and the maximum maturity of the bonds
<br />proposed to be issued,
<br />110W, T~EFORB, BB IT ORDAINED by the Council of the City of North Olmsted, t>hi.o:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City of
<br />North Olmsted, in the principal sum of X11,365 in anticipation of the collection of
<br />special assessments heretofore levied for the purpose of constructing siderallCS on
<br />Lorain Road, Columbia Road and Walter Rosd between the termini set forth in Resolution
<br />Ro. 63-159 adopted July 16, 1963.
<br />Section 2. Said bonds shall be issued in the principal saaunt of X1.1,365 for the
<br />purpose aforesaid. The said bonds shall be dated March 1,.1965, shall bt issu~l in the
<br />denomination of ~i1000 each, except bond 110. 1 which shall be of tha dena~i.natiou of
<br />$1,365, shall be numbered frog 1 to 11, both inclusive, and shall bear interest at the
<br />rate of three and one-quarter per ceatum (3-1~4~i) per annum, payable sari-~amnually on
<br />the first day of June and the first day of December of each year beginning Deter 1,
<br />1965, until the principal ata is paid, as evidenced by the coupons attached thereto;
<br />provided, however, that if the bonds are sold bearing a different rate oZ interest ~n
<br />herein specified, such bonds shall bear such rate of interest as may be provided in the
<br />resolution of Council approving the award thereof. Such bands shall mature in their
<br />consecutive serial order as follows;
<br />X2,365 on December 1, 1966;
<br />2,000 oa December 1 in each of the
<br />3,000 on December 1, 1970;
<br />years 1967 to 1969, inclusive; and
<br />which maturities are hereby determined to be in eubstaatially equal annual installaretQts.
<br />Sectlon 3. Said bonds shall be executed by the Mayor and Director of Fimaacx sad
<br />shall bear the corporate seal of said City. Zntenst cogs attaehsd to said bands
<br />shall bear the facsimile sigmatUre of the Director of Finance printed yr litho~raphec!
<br />thereon. They shall be designated "Sidewalk bonds", sad shall be payable in U-w!'ul
<br />money of the United States of Aserica at the main office of The Uatio~tal City Dank of
<br />Cleveland, Cleveland, Ohio.
<br />Section ~+. For the purjoee of providing the rm?cessary funds to pay the interest
<br />on the foregoing issue of bonds pranptly when sad as the awe falls dw, sad also to
<br />provide a ford sufficient to discharge the said serial bonds at maturity, thtra sl9all.
<br />be and is hereby levied on the taxable property in the City of llarth Olmsted, in s~dditionn
<br />to all other taxes, a direct tax annually during the period said bonds ara to run in an
<br />
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