01-05-1943 to 02-06-1951 Ordinance 620 to 869

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\01 Ile Ordinance No. 776 By Mr. Z &1=4 , , AN ORDINANCE PROVIDING FOR THE ISSUANCE OF _NOTES BY THE VILLAGE OF NORTH OLMSTED IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR.THE PURPOSE OF BUILDING AN ADDITION TO.THE MUNICIPAL.BUS GARAGE, A FIREPROOF BUILDING,.AND .DECLARING THE NECESSITY OF THE ISSUANCE OF BONDS FOR SUCH PURPOSE. WHEREAS, this Council has requested the Clerk to issue his certificate as to the estimated life of the improvement to be constructed from the proceeds of the bonds hereinafter re- ferred to and of the notes to be issued in anticipation of said bonds and the Clerk has certified to this Council such estimated life as exceeding five years and has further certified the maxi - mum maturity of such bonds as twenty -five years and such notes as two years; now, therefore, BE IT ORDAINED by the Council of the Village of North Olmsted, State of Ohio;_ Section 1. That it is deemed necessary to issue the bonds of the Village of North Olmsted in the principal sum of 017,700.00, in order to provide a fund for the purpose of building an addition to the municipal bus garage, a fireproof building. Section 2. That said bonds of the Village of North Olmsted shall be issued in said principal sum of $17,700.00 for the purpose aforesaid. Said bonds shall be of the denomination Of $1000.00 each except bond No. 1 which shall be in the sum of X700.00, and shail be dated September 15, 1950; shall bear in- terest at the rate of not to exceed four per cent (4f) per annum, Payable semi - annually on the first day of April and the first day Of October of each year, until the principal sum is paid and shall mature in ten annual installments after their issuance. Section 3. That it is necessary and this council hereby determines that notes shall be issued in anticipation of the issue of said bonds. Section 4. That such anticipatory notes in the amount Of $17,700.00, which sum does not exceed the amount of the bond issue, shall be issued bearing interest at the rate of three Per cent per annum, payable at maturity. Such notes shall.be dated the 15th day .of September, 1949, and shall mature on the 14th day of September, 1950; such notes shall be executed and delivered in such number and such denominations as may be re- Quested by the purchaser of such notes. Section 5. Such notes shall be executed by the Mayor and the Clerk and bear the seal of the corporation; shall be designated "Municipal Bus Addition Notes" and shall be payable at the office of The Bank of Berea Company, North Olmsted Branch, In the Village of North Olmsted Ohio; they shall express upon their face the purpose for whiz they :are issued and that they ore issued pursuant to this ordinance. Section 60 Said notes shall be first offered to the Treasurer of the Village and so many of the same as shall not be taken by said Treasurer shall be sold at private sale by the '311 age Clerk, but for not less than par and - accrued interest,and the proceeds from such sale,except any premium and accrued interest