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CITY OF NORTH OLMSTED
<br />CfftDINANCE N0. .??
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<br />BY c,-
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<br />AN CEtDINANCE TO PROVIDE FtgZ 'I'HE ISSUANCE OF Nt7rES IN
<br />ANTICIPATIQN QE' THE ISSUANCE OF BONDS F{Y? THE PIkZPQSE
<br />OF CONSTRUCTING AND EftECTING A SEftVICE G,SRAGE FM THE
<br />CITY,* IN THE CITY PARK,, AND DECIARING THE ISSUAANCE OF
<br />BONDS FtR SUCH PURPOSE
<br />WHEftE:AS, pursuant to Qrdinance 2909 enaeted September 2, 1959s a
<br />Note in the amount of $10s,000.00., maturing October 3, 1964, was isswed for
<br />the purpose herea.nafter stated., arid
<br />WTMEASi, it has proved impossibls to issue bonds anticipated by
<br />said note in order to retire the same, and
<br />W4iEftEAS., to preserve the credit of the City., it is essentisl to
<br />issue a new Note to retire such an outstanding note i.n anticipation of bonds, azbd
<br />WHEftEAS., the fiscal officer has heretofore certified as to the
<br />maximum maturity of the bonds anticipated and as to the note herein and
<br />heretofore authorized.
<br />Nf)W,, THffREFQRE? HE IT t?tDAINED by the ?ounc3.1. of the Cit?r of Narth
<br />0lmsted,, State of Qhios
<br />Section ls It is deemed necessary to issus bonds of the City af
<br />North Olmsted in the princ3.pa1 sum of Ten Thousand Doll.ars ($1As000.pp), 3,n
<br />order to provide a fund for the pwrpose of constructirig a partislly fireproof
<br />Service Garage in the North Olmsted City Park, ownsd by the City, to be uaed
<br />for the purpose of affording storage facilitias for city equipment and spaee
<br />for the servicing of the same.
<br />Section 2: That said bonds of the City of North Ol,msted shall be
<br />issued in the principal sura of Ws000.00 for the purpose set forth in Section 1
<br />of this Ordinance. Said bonds shall be in the denomination of One Thouaand
<br />Dollars ($1,000.00) eachs sha11 bear int,erest at the est3rnated rate af 4p per
<br />annum,, payable semi-aruiually on the first day of April and the first day of
<br />gctober of each year until the principal sttm is paid., upan presentatian aild
<br />aurrender of the proper interest coupons which shall be attached to said bonds;
<br />provided, howeverp if said bonds are sold bearing a different rate of interest
<br />than hersi.nabove specified, such borids sb,all bear the rate of interest as may
<br />be provicied for in the reaalution providing the same,, and shaU be payable
<br />at The National Gity Bank of C],eve].and, North Olmated branoh, and ahall mature
<br />in ten (10) equal annual instal.].aisnts after their issuance.
<br />Section 3: The Council hereby determirles it necesssry tha.t notes be
<br />ismied in anticipation of the issuance of said bonds for the purposea hereiuabove
<br />described, and to retire and pay off the aforesaid outstanding note maturing
<br />October 3, 1960, and that there shall be issued a note of said City in the amount
<br />of sl0sOQ0.00.
<br />Section 4: That such antieipatory note, in the amount aforesaid, shall
<br />be issusd bearing interest at the rate of 2e per annwn, payable at maturity or
<br />on the date of any pre-payment aned said note sha11 be dated as of the date said
<br />note or notes are sold and sha17. maturs on Oetober 3,, 1961, wi.th the aptic>n on
<br />the part of the City to retire said nate prior to maturity withont penalty; such
<br />note or notes shall be executed and delivered in such manner as may be requested
<br />by the purchaser of said note or notes*
<br />Section 5s The nate shall be exseuted by the Mayor,, shall besr the
<br />seal of the municipal corporation, ancl be payable at the office of The National
<br />City Bank, North OLasted Qhic branch and express upon its face the purpoae for
<br />which it is issued and that it is issued pur8vant to this ordi.n,ance..
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