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<br />AX O~A#~ Ai~itIZZIIG ~ I~38>A~ 0!' BtMIDB BY Tl!
<br />CISX Olt 1 tJi,,MB',~a FQR '!~ P~08t t3~ P~ABIBC'}
<br />MINiICIPAL ~ AfD I~GLA1tI~ l1x .
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<br />MlL~{'iAB, notes were issued pursuant to Ordinance lb. 6k-215 in anticipation of
<br />the bonds herein authorized and are about to nrtnre; assyrl
<br />WAS, the Director of Pinnace, as fiscal officer of this City, has heretofore
<br />certified the estimated life o! ttte property and the nnxinrun smaturity of the beads
<br />proposed to be issued,
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<br />lIOW, , BE ZT ORDAI1ftD by the Council of the City of 1Wrth Olwted, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City of
<br />North OLssted, in the principal sttm of X53,900 for the purpose of purehasin~ two new
<br />municipal buses and equipwnt necessary thereto for use in the operation of the Berth
<br />Olmsted Municipal Coach Line.
<br />Section 2. Said bonds shall be issued in the principal assoutit of X53,900 for the
<br />purpose atoresald. The said bonds shall be dated March 1, 1965, shall be iseuad im the
<br />denomination of X1000 each, except bond No. 1 rhieh shall be of the denoeiirlatiE~n sf ~gc~,
<br />shall be nvssbsred frcxD 1 to 54, both inclusive, and shall bear interest at the rats of
<br />three and one-quarttr per centus (3-1~~) per anntr, payable semi-annually on the first '
<br />day of June and the first day of Deceseber of each rar beginning Deeebsr 1, 19fs5, until
<br />the principal etas is paid, as evidenced by the coupons attached thereto; provided, biDSever,
<br />that if the bonds are sold bearing a different rate of interest than herein s~eeifiad,
<br />such bonds shall bear such rate of interest ss nay be prorided in the resolutioei of
<br />Council approving the award thereof. Such bonds shall nature in their consecutive serial
<br />order as follows:
<br />$10,900 on Decessber 1, 1966;
<br />11,000 on Deceaber 1 in each of the
<br />14,000 on Dece~er 1, 1970;
<br />years 1967 to 1969, incltuiw; and
<br />which maturities are hereby detersAined to be in substantially equal snntial installwnts.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of Tiwncs and
<br />shall bear the corporate seal of said City. Interest coupons wttached to said bonds
<br />shall bear the facsiaile signature of the Director of Tiaasslce printed ter litho~aphsd
<br />thereon. They shall be designated "Mbaaicipal Bus Purchase Bonds", acrd shall be payable
<br />is lawful Honey of the United States of America at the main office of She lfational City
<br />Beak of Cleveland, Cleveland, Ohio.
<br />Section ~. ~'or the purpose of providing the necessary funds to pay the iatsrsst
<br />on the foregoing issue oY bonds prosiptly when and as the asses falls due, and also to
<br />provide a ford sufficient to discharge the said serial bonds at saturity, there shall
<br />be and is hereby levied on the taxable property in the City of North Olsstsd, in adriition
<br />to all other taxes, a direct tax annually during tLe period said beds ars to ron is an
<br />an>ount sufficient to provide ftmds to pwy the interest upon swid bonds as and when tLs
<br />saw fall due, and also to provide a ftmd for the discharge of the prrincipal of said
<br />serial booms at maturity, which tax shall not be less than the interest and sinking
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