01-02-1930 to 12-19-1939 Resolutions 445 to 1054

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I 2• Said bonds shall be dated November 1, 1938, and shall draw interest at the rate of four per cent. Said interest shall be payable semi - annually on the first day of ,April snd the first day of October of each year, i. snd .the village - agrees to pass said bond ordinance or take such other steps as may be necessary to legally authorize such bonds upon receipt of the consent of the holders of seventy -five per cent ' of any issue of bonds presently outstanding. 3. Said refunding bonds-shall be exchanged for outstanding bonds at their face value. The holders of all past due and unpaid bonds and bonds of future maturity upon presentation of said bonds for refunding, with all proper interest coupons attached, shall receive in cash, unless previously paid., a sum equivalent to the interest due. Holders of outstanding bonds surrendered shall receive interest at the rate of four per cent per annum from date of bonds to the date of exchange upon the face amount of bonds surrendered and shall pay accrued interest on the face amount of the refunding bonds at the rate of four per cent per annum from November 1, 1938, to the date of exchange. 4. On or before November 1, 1938, the taxing district of the Village of, North Olmsted shall transfer from the Sinking Fund or Bond Retirement Fund, hereafter referred to generally as the Sinking Fund, to the Bond and Coupon Fund a sum of money equal to the interest requirements due October 1st, 1938, on said refunding bonds All the necessary cost and expenses of refunding shall be paid by the Village. 5. The refunding bonds issued shall be serial bonds maturing in substantial equal annual installments and shall in all respects comply with Section 2293 -12 of the General Code. 6. The refunding bonds shall be subject to all the provisions of the Uniform Bond Act of the General Code of Ohio except ss otherwise provided for in Sections 2293 -5(b), 2293 -5(q), 2293 -5(s) And 2293 -5(t) of the General Code of Ohio as amended effective October 26, 1936, House Bill No. 675. Section 2. The Council of the Village of North Olmsted shall, upon obtaining consent to such refunding plan of not less than seventy -five per cent of the holders of such outstanding bonds, authorize ' the . refunding bonds herein Provided for and take and cause to be taken all the steps necessary to authorize the issuing of said bonds. Section 3. The Cleveland Trust Company, Corporate Trust Department, 916 Euclid Avenue, Cleveland, Ohio, is designated as the depository and will handle the exchange of bonds and payment to be made in connection therewith.' Section 4. The Clerk be and is hereby authorized c and directed to °mail'a copy of this resolution to the owners and holders of all special assessment bonds of the Village as herein set forth, together with a letter of transmittal and d authority to exchange said bonds for the purpose of expediting t said matter. R Section 5. This resolution shall :take effect F and be in force from and after the earliest period allovied by law . y r►3^ ii Passed: •%� 38. roll(� Mapb r