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<br />THE CZTX OF NORTH (lLMSTED
<br />By_
<br />aRDtlf{~ xc~. GG-~..E.~
<br />Ax oxDZxa~c~ Acr~ox~z~xa THE IS5UAI~CE OF ~oNDS Bx ~~
<br />CzTY o~ ~ oL~sT~D ~x ~~ Pv~~~ ~~ P~.~c;~asn+~
<br />M{JIVICIPAI, $USES, A34D DEG'LA,RING Ali EMERG~iG^I.
<br />a Hots in the ~rcnnt cf X1.8 , OOO was issued pursuant to t7rdn~
<br />once-tto. 66-20, pe-ssed Janur 1$, 19fiEi, in anticipation of the bonds herein
<br />aexthoritie$ and is about to mrtture; and
<br />~, the IIiixactdr of Frrsaace, as fiscal officer of this City, has
<br />i heretofore certified theeetirated life of the property acid the maxi
<br />aaturity of the bcmd.s proposed to be issued,
<br />~~E, B~ ~ 4AS1~3 by the Council cf the City of forth
<br />t7lmted, ~iio:
<br />3ectim 1. 'i'hwt it is hereby declared necesgaryr to issue bands of the
<br />City c~' 't~'- Qlasted, in the principal event of ~f18,0'OO for the purpose of
<br />drag ths~ee used bases for use in the operation of the North Olmsted
<br />flwnicipal (poach Line .
<br />3ectioa 2. raid bc~da ahal.l be issued in the principal. amount of $1$,OQO
<br />fan' tha p~trpQSa al'orss~sd. Tkre said bonds shall be dated December 1, 1965,
<br />sYmc].1 be issued is the dstaasination of ~lOCX3 each,. shall be numbered from 1
<br />to 1$, both inclusiXe, a~ shall 'bear interest at the rate +af four and ana~
<br />half per ceatws (~-112~) per aratma, payable semi-annually on the first deer
<br />of June aril. the first day of December of each. year beginning Jtxr~ 1, 1967,
<br />until the principal sins is plaid, as evidenced by the coupons attached thereto;
<br />prc~nririeaci, however, that if the boards ~sre sold bearing a dif feret~t rate of
<br />ixterest thad herein specified, such horde shell. bear such rate of interest
<br />ss msc~- be proYided in the resolution of Council approving the awardthe:reof.
<br />Such bonds shell mature in their consecutive aerial order es fol3:o~rs:
<br />$3,000 on Decker 1 is each of the years 1969 and ~,.; and .
<br />$#,OOQ on Deceadtier 1 in each of the years l9Sfl, ]~~~`~ ~9 ~,
<br />w~rieh ~saturities are hereb~r deterained to be in substantisl.ly equal. annual
<br />isatallmeats.
<br />$ectlon 3. Said boards shall be executed by the Mayor and Director of
<br />Fina~rce and ehal.l. bear tlae corporate seal of sai8 Gity. Interest coupons
<br />attached. to said. `buds shsd.l brat tk~e facsimile aign,zture of the Director
<br />of lrir~unce printed or litlraphed thereon. They shall be designated "l+~xi-
<br />eipal Bus Punrchase Bonds", sad eha11 be payablr in lawful money of the United
<br />States of America at the ssin office of T`he I4ational City Bank of Cleveland,
<br />Clevele~nd., Ohio.
<br />Section ~. For this p~arpt>se of providim~ .the necessary funds to pay. the
<br />trttereat on the forepag iaaue of borxis prarq~tl.y when sna as .the ss,~e fella
<br />dart, aml also to praMide a ford sufficient to dischaarge the said serial bonds
<br />at maturity, there shall be aaad is hereby levied on the taxable property in
<br />the City of Borth Olmsted, in addition to all other taxes, a direct ta'x
<br />annually during the pcric~d said bonds are to run in an amount sufficient tci
<br />pro~*ide funds to pay the interest upon said bonds gs and when the seems fail
<br />dve, and also to provide a ftan!!. for the discharge of the principal oi' said
<br />serial bc~ls at maturity, which tax shall not be less than the interest and
<br />;itQting fund tax required by Section ii of Article XZZ of the Constitution
<br />of Ohio .
<br />;3ection 5. Saifl tax shall be and is hereby ordered computed, certified,
<br />levied sad extended upon the ta7[ duplicate atYd collected by the ewe officers,
<br />irz the ss~se be~ns~er anti at the scree time that taxes for genera? purposes or
<br />eaC'1"i of said years aa'e certified, extended and collected. ;aid tax shall be
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