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ORDIPdAPtiCE N0. 400
<br />By iv?r. Decker
<br />0hDIi„AidC;:? _Pri0Vl1)lid(? r01 t 'i"H-? I3SUANCL Ur hOTOR
<br />`r?HI CL!? BC)I? DS .
<br />';fliE_iEaS, pursuant to the resolutions neretofore, a dopted by trLis
<br />Council, an election was held on the 3rd day of itioverr.ber, 1931, upen the
<br />nuestion of issuing bonds far t'ne purpose of purchasing rnotor ve'riicles
<br />and erection of a municipal bus garage, in the sum of d?18,250.00, and of a
<br />levy of taxes outside of the fifteen mil limitation to pay the principal
<br />and interest ori such bonds, and,
<br />14Hi;iiEAS, at said election at least fifty-five per centum of
<br />those voting upon the proposition wted in favor thereof, and this council
<br />now proposes to proceed with the issizance of such bonds, and,
<br />iy'HER,?1AS, this council contemplates :;?le use oi ?12,1?55.UU of said
<br />sum for the purpose of purchasing rrrotor vehicles, and •:.;4,700.00 _for the pur-
<br />pose of buildin- municipal bus garage, ana will .r. ernail'e ?;>lOq5.00 to care
<br />for interest maturing previous to the receipt of the taxes from which such
<br />interest is to be ultimately paid, either upon sach bonds, making a total
<br />aggre -at e amo ant o f';pl8, 250.00, anci,
<br />';dH;i;:j,?Aa, this council desires a. single bond issue for the fore-
<br />going purposes, and the Clerk of this Council has certiiied tnat the life
<br />or usefulness of the property and improvements contemplates exceeds five
<br />years, as we7_1 a.s ±he raaxi_m•ari ma.turity of said bonds in accordance with aec-
<br />tion 2293--9 of the General Code, which maximum maturitv does not exceed the
<br />maximum nwnber of years requireci to retire the bonds as certified by this
<br />Council to the County Auditor and the Deputy State 3upervisors and Znspec-
<br />tors of this county,
<br />I\10 I r.;?, _"ErUiL?J, B?", IT HESOLVE?ll t3Y `cHi COUNCIL QF Tlili VILLAGE OF
<br />NORTH OFIST,,,D, SL:i'rE OF OHIO, that fo.r the purpose of nurchasing motor ve-
<br />hicles and building a municipal bus garage, it is necessary to issue and
<br />there shall be iasued and sold bonds of this Council in the principal amount
<br />of 4P18,250.00, under authority o.f the Lriiform Bond Act of the General Code
<br />of the Sta,te of Ohio.
<br />Said bonds sha11 bear date of January l, 1932, sha.ll. be of tre
<br />denomination of ip'1000.00, except Bond which shall be in tre denomination
<br />of 41250.00, shall be coupon bonds, payable to bearer at the Tuorth ulmsted
<br />Bank Company of the Ui,llage of North Olmsted, Ohio, shall bear interest at
<br />the ra.te of six (6`) p<;r centum rer annwn, payable semi-arnnually on the first day
<br />of April and the first day of Oc;tober of each year until the principal
<br />sum is naid, upon presentation a.nd surr{=nder of the proper interest coupons
<br />which shall be attached to said bonds; provided, however, that if said bonds
<br />are sold bearing a different rate of interest thari hereinbefore specified,
<br />which bonds shall bear such rate of interest as may be provided for in the
<br />resolution awarding the sasne.
<br />5aid bonds shall be nmbered from one to eighteeri inclus=ve, and
<br />shall mature as follows: ?2250.00 of bonds on October l, 1933; 02000.00 of
<br />bonds on October l, of the years 1934 and 1935; $3000.00 of bonds on October
<br />1, of the years 1936, 1937, 1938 and 1939, which maturities are hereby de-
<br />termined to be in substant? ally equal annual arr.oun1;s.
<br />For the payment of said principal and said interest coupons there-
<br />+,,o attached, the full faith and credit of the Council of the Village of
<br />North Olmste is hereby irrevocably pledged.
<br />iAor the purpose of provi.ding tiie necessary funds to pay .,he in-
<br />terest on the foregoing issue of bonds promptly wrien and as the same falls
<br />due, and also to provide a fund sufficient to discha.rge the said serial bonds
<br />at maturit,y, there shall be and is hereby levied on a11 the tgxable property
<br />in the Village of North Olmst.ed, in addition to a11 other taxes, and outside
<br />of the *ifteen rnill limitation, a, direct ta.x annually during the period said
<br />bonds are to run, in an ariount sufficient w provide funds to pay interest
<br />upon said bonds as an.d wnen the sarne falls due, and also i,o provide a fund
<br />for t,e dischar;e of the principal of said serial bonds at maturity, which
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