49-83 Property owners portion - improve streets BAN

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the purpose of paying the property owners' portion ($294,000), in antici- pation of the levy and collection of special assessments, and the City's portion ($456,000) of the cost of improving Ridgewood Avenue and certain other streets described in Ordinance No. 34-83 duly passed by the Council of the City on April 18, 1983, by removal, where necessary, of the existing surface course, by grading and replacement, where necessary, of the base by resurfacing with asphaltic concrete, including the necessary replacement and resetting of castings together with the necessary appurtenances thereto, in the manner and between the termini provided in Resolution No. 5751-83, adopted on February 7, 1983. Section 2. That said bonds shall be dated approximately June 1, 1984, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five (5) substantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $750,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity, with provision, if re- quested by the purchaser, that, in the event of default, the same shall bear interest at a rate which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated their date of issuance; shall mature one year from date of issuance; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for -2-