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<br />OMMAIICE N0. 16 /- y
<br />wU MWnWC! TO PROYIE F'M '1'HE I88vA11CE 0F $1,700,000 PAIIICIPAL ANp=
<br />0F BO= Fatt PAYIIG PART 0F TO C09T OF COlIeTRUCTING A 1RAIICIAAL 8Ei111(3E
<br />'1'NAT1RMT P'LA1rT /111D BAXITM WME, 1UD TMURDKi 0 SOWNL'Y
<br />-18, st the resul,sr election held on the 3rd !fy? o! lloyeaber, 1959, oa the
<br />p?apositioo 02 issuing bonds of the City of north Olrt.ed, Obio, Yor the purpcse
<br />bereiasi'tier st'?ted, in the sueR of 41, 700, 000 &A !or levryiag taxes outsi8e cd the
<br />ttn-mill limitatiOn to pyr the iaterest aad principal of such boods, the requisite
<br />najcrita? of those vrotiN upon the propositi4s vofi.eQ io ?'svor tberaot; and
<br />w'-•?O 1iMW118, vmder authoMty of Ordinaacee llos. 2963 arA 61•17, Council detemined
<br />the aecessity of issuing notea in articipatiaa ot the afcrsssid bonds md csvmd
<br />to be issued a portian of suc6 not.ee in the priucipsl monat of $1,500,000, which
<br />noUs sm na? outataoditg aad abOtat to fall due; atW
<br />i1?8, the Auditor has certitied aad the election pxoossdiap Proaridt tbst the
<br />rsims matwrity of auech booda sLr?11 be torty yrars;
<br />U IT aMIUD by the Coumcil of the City ot North Qlssted, Cbio:
<br />8ection l. ftat it is 8eaM4 necesssry to isaue in ooe lot the boods cd' the City
<br />cd 11brtD OLated sut?borlsed by the electors as abore recited, in the priacipal am oi
<br />$1,700,000 for the purpose of psying psrt of the coat ot coostructing swmicipsl
<br />sevags tseatuu?t PLnt and sanitaty seMern, and to retire the oatstaading notea, herein-
<br />above Qewribed. llotes sLall not, except to the extesrt a1i'a?djr issued as bereinabove
<br />recitea, be issued in anticipaticn of the issvaoce of suah boude.
<br />8eation 2. 8aid boods shall De in the denomiaatico of 41, 000 each, nuMbered iroaa
<br />1 to 1700, inclusive, sball be dated June l, 1961, shall bsar intereet at the rste cd
<br />four per centum por amis, pWsDle Jtme l, 1962 and sealaonuall?? t,bereafter on the
<br />first days o? June aad Dccember of eseh yesr unti1 the px'inciPal ata is paid, proa?ided,
<br />bowsver, t6at if mid bonds are sold bearing a ditterent rate ot interest tban berein
<br />? provi8b, tbsy shall besr sueh rate as my bs prorided !or in the resolutiosi af Couacil
<br />approwiM the aMatd tbereot. 8aid Doads sball mture aantrlU ss follovs:
<br />05,000 0o Deceaber 1 in awh ot the yess's 1962 to 1971, iaelusive; aud
<br />70,000 on DacAmber 1 in eac6 of the ymrs 1972 to 1996, iaclwlvs,
<br />rhich mtoritie• are bereby 3etermiaed to be ia subttantial3y Mual annusl instal].eents .
<br />fte priacipal and intercat en saiel boods ahiLll De payable at the Main Otfice o! The
<br />itiooal City Bat'ilc oi Clmland, Cleveland, mio•
<br />8ectieo 3. 2*t said bonds sball express tipeu their fmo the purpose !or which
<br />tbey are isaued; that thry sre issued in pursuance of this ordinaaee, and sball be
<br />s16md bly the 1rqm and by the Director af P'inaoca, pr'ovided t.bat aoe of auea
<br />sigaatuiw mp? be s tseaiaile sigauture, and sealed Nitb the corporate sesl of aaid
<br />City oar fresitile tbereof. fte interest coupons attaahed to esid bouds sball bear
<br />the lticaiuil+e si6oature of the Direct.os of liname.
<br />446, '
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