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

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Ordinance No. zz By IIr AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS OF THE VILLAGE OF NORTH OLMSTED FOR THE PURPOSE OF PURCHASING REAL ESTATE FOR RECREATICUAL PURPOSES. WHEREAS, 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 thirty years, now, therefore, BE IT ORDAINE 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 04100.00, in order to provide a fund for the purpose of acquir- ing real estate for recreational purposes; that anticipatory notes shall not be issued in anticipation of.the issuance of such bonds. Section 2. That bonds of the Village'of North Olmsted shall be issued in,the_principal sum of $4,100.00 for 'the purpose afo esaid. Each of said bonds . shal�be in the denomination of 500.00 each, except Bond No. 9 w ch shall be in the de- nomination of $100.00, and shall bear interest at the rate of three per cent per annum, payable semi - annually, on the first days of.April.and October of each year until the principal sum is paid, provided, 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 ,Maturi j, 500:00 $500.00 October 1 1951 2 .500:00 October 1, 1952 3 a 500.00 October 1, 1953 4 " 500400 October 1; 1954 5 " 500:00 0 ctob er 1, 1955 g n 500.00 October 1, 1956 7 n 500.00 October 1, 1957 g » 500.00 October 1, 1958 g 100:00 100.00 October 1, 1958 Said bonds shall be dated June 1, 1950. 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 1 to 9, both inclusive.