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

Home Browse Search

't fir` �� 1 y ►�� i Ordinance No. Cf./ Z t 5 6Z_ ` By Mr. W AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS OF THE VILLAGE OF NORTH OLMSTED, OHIO, . FOR . THE PURPOSE. OF BUILDING AN _ ADDITION T0. THE MUNICIPAL BUS GARAGE, A FIREPROOF BUILDING. M1EREAS, this Council has requested the Clerk to issue his certificate as to the estimated life of the property, asset or improvement .proposed to be acquired or constructed from the Proceeds of the bonds hereinafter referred to, and the Village Clerk has certified to this Council such estimated life as exceeding five years, and has.further certified the maximum maturity of such bonds as twenty -five years, and WHEREAS, the note issued in anticipation of the issuance of the bonds hereinafter referred to, is about to fall due; now, therefore, BE IT ORDAINED by the Council of the Village of North Olmsted, State of . Ohio: Section 1. That bonds of the Village of $22.,500.00, in order to building an addition to building; that an anti Lion of the issuance of it is deemed necessary to issue the North Olmsted in the principal sum of, provide a fund for the purpose of the municipal-bus garage, a fireproof cipatory note has.been issued in anticipa- such bonds. Section 2. That bonds of the Village of North Olmsted shall be issued in the-principal sum of $22,500.00 for the Purpose aforesaid. Each of said bonds shall be in the denomina- tion of - 1000.00 each, except Bond No. 23 which shall be in the denomination of 500.00, and shall bear interest at the rate of three per centum . per annum, payable semi - annually, on the first days of April and October of each year until the principal sum is paid,_providedI however, that if said bonds are sold bearing a different rate of interest than hereinbefore specified, such bonds shall bear such rate of interest as may be provided for in the resolution of council approving the award thereof. Said bonds shall mature as follows, which maturities are hereby determined to be in substantially equal annual installments: Bond Nos. Denomination Amount Maturity l & 2, inc. 01000.00 2000.00 October 1, 1951 3 & 4 " " 2000.00 October 1, 1952 5 & 6 " " 2000.00 October 11, 1953 7 & 8 " " 2000.00 October 1, 1954 9 & 10 n " 2000.00 0etob er 10 1955 11 & 12 " " 2000.00 October 10 1956 13 & 14 it » 2000.00 October 19 1957 15 & 16 " " 2000.00 October 19 1958 17 & 18 " " 2000.00 October 1, 1959 19 & 20 " " 2000.00 October 10 1960 21 & 22 " " 2000.00 October 1, 1961 23 5000,00 500.00 October 1, 1961 Said bonds shall be dated June 1, 19500 The principal and interest of all of said bonds shall be payable. at the office of The Bank of Berea Company, North Olmsted Branch, in the Village of North Olmsted, Ohio. Section 3 That said bonds shall express upon their face the purpose for which they are-issued; that they are issued in pursuance of this ordinance, and shall be signed by the Mayor and Clerk, and sealed with the corporate seal of said Village.— The interest coupons attached to said bonds shall bear the facsimile signature of the Village Clerk. Said bonds shall be numbered from l to 23, both inclusive.