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<br />SECTION l. It is deemed necessary to issue bonds (the Bonds) of the
<br />City of North Olmsted, Ohio, in the principal sum of $3,165,000 for the pur-
<br />pose of improving the recreational facilities of the City by constructing a
<br />building housing an ice skating rink, swimming pool, tennis courts and appur-
<br />tenant facilities, constructing a toboggan slide, acquiring, developing and
<br />improving the site therefor, and providing furnishings and equipment for such
<br />recreation center and grounds; that the Bonds shall be issued as one lot; and
<br />that notes have been issued in anticipation of the Bonds.
<br />SECTION 2. The Bonds shall be issued in the denomination of $5,000
<br />each, shall be numbered from A-1 to A-633, inclusive, and shall be dated June
<br />l, 1982. The Bonds shall bear interest at the rate of sixteen per centum
<br />(16%) per annum, payable December l, 1982, and semi-annually thereafter on the
<br />first days of June and December of each year until the principal sum is paid;
<br />provided, however, that if the Bonds are sold bearing a different rate of
<br />interest than that hereinbefore specified, then the Bonds shall bear that rate
<br />of interest provided in the resolution or ordinance of Council approving the
<br />award of the Bonds. The Bonds shall mature in their consecutive serial order
<br />on December 1 of each year as follows:
<br />Year Amount Year Amount Year Amount
<br />1983 $35,000 1990 $ 85,000 1997 $220,000
<br />1984 40,000 1991 100,000 1998 250,000
<br />1985 45,000 1992 115,000 1999 285,000
<br />1986 50,000 1993 130,000 2000 320,000
<br />1987 60,000 1994 145,000 2001 370,000
<br />1988 65,000 1995 165,000 2002 420,000
<br />1989 75,000 1996 190,000
<br />The Bonds maturing on and after December 1, 1998 shall be subject to
<br />call for redemption at the option of the City in whole or in part in inverse
<br />numerical order at their par value plus accrued interest to the date of re-
<br />demption on any interest payment date on and after December 1, 1997. The
<br />City's option to redeem the Bonds shall be exercised by resolution or ordi-
<br />nance of this Council and by causing notice of call for redemption of Bonds,
<br />specifying the Bonds to be redeemed, the date fixed for redemption and the
<br />place where the amounts due upon such redemption date are payable, to be
<br />published once a week for two consecutive weeks in a newspaper or financial
<br />journal of national circulation, the first such publication to be not less
<br />than thirty days prior to the specified redemption date. If Bonds are duly
<br />called for redemption and if, on the specified redemption date, moneys for the
<br />redemption of all Bonds to be redeemed, together with accrued interest to that
<br />date, shall be held by the paying agent designated in Section 3 hereof, then
<br />from and after the specified redemption date such Bonds shall cease to bear
<br />interest and any coupons for interest thereon maturing subsequent to the
<br />redemption date shall be void.
<br />SECTION 3. The Bonds shall express upon their faces the purpose for
<br />which they are issued and that they are issued pursuant to this ordinance. The
<br />Bonds shall be executed by the Mayor and the Director of Finance, one of whose
<br />signatures may be a facsimile, and bear the seal of the City or a facsimile of
<br />that seal. Interest coupons attached to the Bonds shall bear the facsimile
<br />signature of the Director of Finance. The Bonds shall be designated "Recrea-
<br />tional Facilities Bonds"; and shall be payable in Federal Reserve funds of the
<br />United States of America at the principal office of National City Bank,
<br />Cleveland, Ohio, without deduction for its services as the City's paying
<br />agent.
<br />SECTION 4. The Bonds shall be first offered at par and accrued
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