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ARDIDiAl1C.8 NO. E385 By: Yr. Baumgardner ORDIIiAIi PROPI~I ,P4R TflB ISSUANCR OF liOTOR ~'EHICI BONDS. pp YY~i.ERBAS, the Pillage of North Olmsted, Ohio, owns and CityaofsCle el~ancd~~ndus Line carrying passengers to and from tMe WHBBRAS, it is necessary to issue bonds in the amount of X72,500.00 for th® purpose of purchasing motor vehicles for use on said Bunicipal Bus sine, aa~d will require ~E,500.00 to care for interest maturing pnrious to the receipt of takes frc~. rPhich such interest is to be ultimately paid making a total aggregate amount of $75,000.00. ~f~BB~S, this ~esmai3. desires a single bond issue. for the foregoing p ~~~es and he Clerk of this C veil hats certified that the 11fe ornueful~ess o the property anal proT nts contemplated ezceeds fiv® years,. as well as the mazimxm maturity of said bonds in accordance with Section 22-g of the General. Cods, which ma~cimum maturity does mot exceed the masimt~ nmaber of years re~i~d to retire the bonds as certified by this Council to thpe County Auditor.. bT01~ T ORB, IT OI3DAIli~D BY TtiE COt~iCIL OF Tfl~ VILI,AO~; OF b10RTEi OLYSTS~; STaTB OF OHIe: That for the purpose of pt~rchasirag motor vehicles it is necessary to issue and there shall be issued. and sold bands of this Pillage in the princippal anoumt Qf X75 000,40 under authority of tlae Uniform. Bond Act ©f the general Code o~' the State of Shia. That such bonds shall be issued in one lot. Bastion 1. ;aid bonds shall bear date of April;.l, 1951, shall be of the d+~en~imatf.on of X100®.OQ shall be cc:upan bonds pa able to bearer at the l~enk of area, ~iorth O;Lmstsd office, s~iall mar interest at the rate of three l per center per ann., payable semi-annual.l the first day. of A ril and the first da of October of mach year wt~l the princippal a~ i~ pa1d, open pre~smntaon and surrender of the proper interest coupons which shall be attached to said bonds; provided, hQtrever, that if said boads are sold bearing a different rage of interest than hereinbefore s ecified such bonds shall bear ~CUCh rate of interest as may be provided for ~n the reso- lution awarding th® same. Section 2. Said bonds shall be numbered from one to seventy-five inclusive, and shall mature as follows: Date of Mat urity s =~ October 1, 1852 1 to 15 both inclusive X15,©O(J.00 October 1, 1553 16 to 30 n " X15,040.00 October 1, 1954 31 to 45 ~ " X15,000.00 October 1, 1955 ~ to 60 n " X15,000.00 October 1, 1856 61 to 75 " " X15,000.00 For the payment of said principal and said interest coupons thereto attached, the full faith and credit of the Council of the Village of Dlorth Olmsted is hereby irrevocably pledged. ..,~,