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<br />Ordinance Noe
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<br />An Ordinance
<br />Providing for the issuance of-notes by the Village of North Olmsted in antic-
<br />:pation of the issuance of bonds for.the purpose of cor&.ruetion of a Shalter
<br />House in the Park, and declaring the necessity of the issuance of bonds for such for
<br />purposes*.- '
<br />"JHUREAS, this council has requested the Village Clerk to issue his certifi
<br />sate as to the estimated life of the improvement'to be aonstructed from the pr
<br />cseds of the bonds' hereinafter referred to and of the notes`to be issued in an-
<br />ticipation of-said-bonds,-and , the Village Clerk has certified to this `Council
<br />such, estimated life as exceeding five years-and has 'further certified the maxi
<br />mum maturity of such bonds,as fifteen years and such notes as two years, ands
<br />T MAS, this council', contemplates the use of nine thousand 09000
<br />'. )
<br />� 00 , doll ors:
<br />for the purpose of construction -a non- fireproof building for a Shelter House ir.
<br />the - ,Park, and will require four hundred and ninety five dollars (0495.0a) to c re
<br />for interest maturing previous to the receipt of the taxes from which such interest
<br />is to be ultimately paid,` either upon such bonds, or�the' notes `to be issued in
<br />anticipation thereof, making a total aggregate amount of nine thousand four hzu
<br />dred ninety -five dollars: ($9495.00)
<br />NOIT Tfl=FONE,,, be it ordained by,.the. Council of the Village of North Olmste ,
<br />County of Cuyahoga., and State of Ohio :,*
<br />North Olmsted i the principal sum of nine thousand Section 1. That -it is "deemed necessar to issue the bonds of the Village
<br />en
<br />p p dollars 09000.00) in -order
<br />to provide a fund for the ;purpose ofconsctructing , a Shalter House in the Park -`
<br />for the safety and protection of ;the inhabitants thereof. -
<br />Section 2. That said .bonds of the Vi•llagenof North Olmsted shall be Is
<br />_ ''� sued ;
<br />in said `principalma of., 9000.00 for the purpose -aforesaid. Said bonds shall be
<br />of the denomination of 01000.00 and one bond for :495.00 and shall be dated,
<br />April 1, 1929; shell boar interes -;;.at the .rate of 5 1 /2f per 'annum, payable
<br />annually.on the first day of...October,of.each year until}the;principal ` sun;is pad ,.
<br />and shall mature in their eonsective serial -order as follows
<br />.?1 495.00
<br />2. Oct.1,1931 1000.00 ..
<br />3 Oct. l, 1932 . . e o .- 1000.00
<br />`4. Oct.1 ,'I933 . .1000.00
<br />1000.00 '
<br />7 Oct.l, 1936 . , 0,0_1000000
<br />8. Oct.1, 1937 •... . 1000.00
<br />9. Oct.l, 1938 .. 1000.b0 ; ..
<br />10. Oct .l, 1939 1000.00
<br />Thal hmaatufities are hereby determined to be ,
<br />in substantially equal annual in-
<br />Section 3. That it is necessary and this Council hereby determineo that
<br />notes; shall be issued in antic ipat ion .of the issue of said .bonds.
<br />Section 4; That ,'such anticipatory notes in the amount of $9000.00 which s
<br />does not exceed the amount of the bond issue, shall be issued bearing interest vt
<br />the rate of six (6)'per centum per annum, payable semi- annuAy. Such notes sha 1
<br />_ .
<br />be dated -the 1st day: of October,, :1928„ and shall- mature on the lst day of October
<br />1930, (provided however, that such notes: "shall be redeemable at any'irterest pe d�
<br />eriod.)e Such not Sha11 be executed and delivered in such number and sue
<br />enominations as may be" requested
<br />by, the purchaser of such bonds-o'.'';.,
<br />.F
<br />tman, CIPTk of tl' Cec rci1 of tie Vila
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<br />t; a- .FU'�rjIii.t,,,V Its OrC(i #,.xiiCfi No. 11 j
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