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<br />THE CITY bF NORTH OLN5TED
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<br />~ ORDZAtA'~CE AVkiQ~tI7~I1~; TFiE IS;3'~'A1~CE !lI' 'R~?NDS BY Tfi:~
<br />CITY C?f' I~~fiTH E~LdrL~Tr"'D ;~ Z~iE PTJ~~S'~E C?~' :~CA,t~"yFI'~iC
<br />I~tEAI, 'S'TATE A~II} TS~L~ Bt1ZLDIePS Tti~E[:~N ~"4R Tip: r^.~{FAI!1-
<br />SION al' 2~iE CITi BALL FACI'i,I"I2ES, AID DECL,AR7~ A:~
<br />EHCY.
<br />W.1~sy a note in the mount of ~55,c?cx3 was issued pursuant to i~rdin-
<br />anae gO. -11]., passed Ap~ri3. 19, 1.966: as atu~d by Ordina~nc~* ~tr.~ . 6£-13'7,
<br />passed ~' 17, 1966, in antiep~ation of the bonds herein author!'zed. aid is
<br />about to metture; and.
<br />~R~Ag, the Di+~tt~t' cat' Fit~Ce, ae fiscal. afi'icer of this pity, has
<br />heretofore certified tlaes asti.mated life of the property and the tnr~xiB
<br />maturity Of the bonds prOpa~ed to be issued,
<br />1fCii, ~ , BE IT bR~tAII~D by the ~~ouncil of the City ai' North (?lmsted,
<br />Ohio:
<br />Section 1. That it is hereby declared necessary tc~ issue bands of the City
<br />of Itorth a3.msted, in the principal etas of ~55,t~(} far the purpc+se of acq~ii-r~ng:
<br />real estate and the buildings thereon. ~"or the expansion of the C{ ty ~IaJ:.I facilities .
<br />Sectiari 2 . Said bonds shall be j sued in. the :pr#~ncipal. amnunt of X55, `~JC
<br />for the purpose aforesaid. Tlae said bonds shall be dated December ~., ~.~66, small
<br />be issued in the denomination of $lt)0~0 each, sha1.1. be numbered. free l <_„
<br />~_ S5, both
<br />inclusive, an8 shall. bear interest at tre rate c:f four and one-"ri€3? f zx° centum
<br />(~+-1~2'~) Per annum, payable semi-annuaily ot~ he f:~rst day ~#• J,~.~€~ and t;~e #'irs~t
<br />day of December of each year beginning June 1, 196?, unti? tt~e px•incipa:? sum i.s
<br />paid, as evidenced by the coupons attached thereto; prt'~vided, however, th8t if
<br />the bonds are sold bearing a different rate of interest than herein apecifieta,
<br />such bootie shall bear ~3uch rate of interest ae may be provided i~ the resolution
<br />of Council agpraving the award. t~-~ert'of . Such bonds sha11 mature in their coi'isc-
<br />eutive serial, order as faleloxs ;
<br />$~c,040 on December 1 in each of the years from i96~ to l~?~, inclusive; and
<br />$5, f)Ofl on December 1 in each ~f the years from l~7 < to l.?'7g , inclus .ve;
<br />which maturities are hereby detertBined to be in substantially equal annual install-
<br />Brenta ,
<br />9ectic~a 3. Said bands s~sll be executed by the Mayor. and Director of Financ+
<br />and shall bear the corporate seal of said City. In~.erest coupons attached to ss:id
<br />bctad.s sha11 bear the facsiaile signature of the Director of Finance printed or
<br />litixo$raphed thereon. They shall be .designated "City Hall Site Eacpansion Bondy",
<br />atal. shall bt pe~vable in lawful srotrey of the ifiited States of Azmerica at the main
<br />Office Of The Fational City Batalc of Cleveland, Cleveland, Ohio.
<br />Section 4. Far the purpose of providing the necessary Bands to pay the inter-
<br />est on the foregoing issue of bonds promptly when and as tl~ same falls due, and
<br />also to pra+ride a fund. st~.fficient to discharge the said serial bonds at maturity,
<br />there shall. be and is Yiereby levied on the taxable property in the City of Rorth
<br />dLested, in addition tcy all other taxes, a direct terx annually during the period
<br />said beds are: to run in sun ssrount sufficient to provide funds tc pay ttue interest
<br />upcea said botfds as and when the saamr fall due, and also to provide a ftznci for
<br />the discharge of the principal of said serial bot~is at maturity, which tax shall
<br />not be less than the interest and sinkinFz fund tax required by Section ll of
<br />Article XII of the Constitution of Ohio.
<br />Section ~. Said tax shall t>e and is hereby ordered computed., certif:;.ed,
<br />l~tried axrd exten~Led tcpc~ the tax dup?~icate and collected by the Barr? c~f'ficers,
<br />in the BaBre manner and at the seas time thmt taxes f~~r gerera~. p~arposes for
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