04-04-1922 to 12-31-1929 Ordinance 074 to 319

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7• a.t- *_ Christman, C'prk Of Ohio, do hereby cec tify that there 13 110 ++t�su anal that publication eF thr eia h ! t , ruing true it -1 mc�t ua�c Npie� iUt fd, ic n nof Io dt y t e five 44t Or ce Nov. q r L au co; or e. u+ i 9 ucil of baid Village in Ordinance No. 11 pus "14:' •;',�1, 1322. .+ r # -k �i�ii:KJf �ll©kVDiti;�'tr@ =kf Providing for the issuance of notes by the - Village of North Olmsted in antici- pation of tho issuance of bonds for the purposes of construction of a Shelter House in the Park, and declaring the necessity of the issuance of bonds for such purposes and amending Ordinance No. 273 passed April 5, 1929. VV this council has requested the Village Clerk to issue his certi- ficate as to the estimated life of the improvement to be constructed from the l�p proceeds of,the bonds hereinafter referred to and'of. the notes to be issued in anticipation of said bonds and the Village Clerk has certified to this Council such estimated life as exceeding ive g years and has further certif ied the maximum maturity of such bonds as fifteen years and "such notes as two years, and WiiEMAS, this council contemplates the use of nine thousand dollars ($'9,000.00) for the purpose of construction of a non- fireproof building for a Shelter House in the Park, and will require four hundreci and ninety five dollars ($495.00) to care for interest maturing previous to the receipt of the taxes from which such interest is to be ultimately paid, either .upon such bonds, or the notes to be issued in anticipation thereof, making a total aggregate amount of nine thousand four hundred-ninety-five dollars ($9,495.00). NOW TIMIMFOPM,, be it ordained by the Council of the Village of North Olmsted, County of Cuyahoga and State of, Ohio: Section 1. That it is dcemed necessary to issue the bonds of the Vil- lago of North Olmsted in the principal sum of nine thousand four hundred ninety -five dollars ($9,496.00) in order to provide a fund for the purpose of constructing a.`Shelter House in the Park for the safety and protection of the inhabitants thereof. Section 2 That said bonds of the Village of North Olmsted shall be is- sued in said principal sum of $9,495.00 for the prupose aforesaid. Said bonds shall bo of the denomination of $1000.00 and one bong for $495.00 and shall; be dated April° 1, 1929; stall boar interest at the rate of 5 -1/2% per annum; payable annually on the first day of October of each year until the principal sum is paid and shall mature in thoir` consecutive serial order as follows; 1. October 1, 1930. ::.N 495.00 2. October 1, 1931. . 1000.00 3. October 1, 1932. 1000.00 4. October 1, 1933. 1000.00 5. October.l, 1934. •1000.00 6. October 1, 1935. 1000.00 7. October 1, 1936 1000.00 8. October 1, 1937. ..'1000.00 9• October 1, 1`V60 • • • • • • • • • '• • • • 1000.UU 10. October 1,- 1939.. 1000.00 which maturities are hereby determined to be in substantially equal annual installments. Section 3. That it is necessary and.this Council hereby determines that notes shall.be issued in anticipation of tho'issuo of said bonds. . Section 4. That such anticipatory notes in the amount ofl$9,495.00 which sum does not exceed the amount of the bond issue, shall be issued bear- ing interest at the rate of six (6) per,centum per annum, ' payable somi annually. Such notes shall be dated the 1st day of 0etobbr, 1928, and shall• mature on the lst day of October 1930, (provided however, that such notes shall be redeemable at any interest period) Such notes shall be executed and delivered in such number and such denominations as may be roquostod by the '` purchaser of such bonds.