72-196 Ordinance - Laserfiche WebLink

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A''4 CITY OF NORTH OLMSTED ORDINANCE N0. ,Z• BY _G%~ . AN ORDINANCE TO PROVIDE FOR TEE ISSUANCE OF $350000• REiOEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE CITY'S PORTION OF THE COST OF IM- PROVING PORTER RC~D AND CERTAIN OTI~R STRB~TS AND PUBLIC E~~'PS BY CONSTRUCTING SANITARY SE~RRS, SEW$R CURB CONNECTIONS AND N~5SAR'Y APPiJJi7CSNANCES, INCLUDING NECESSARY STI~"r RESURFACING AND 1~STORA- TION OF DRAINAGE FACILITIES (CONTRACT 11), AND DE- CIARING AN EN~RGENCY. W~REAS, notes in the aggregate amount of $369,000 ware issued pursuant to Ordinance No. 71-169, passed December 7, 1971, which notes mature December 28, 1972; and WAS, there is available the sum of $19,000 in the Sewer Revenue Fund which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the notes herein authorized to provide the remaining funds necessary to retire the outstanding notes at their maturity; and WEER'NAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOW, THEREFORC, BE IT ORl~AIlVED BY TEE COUNCIL OF TEE CITY OF NORTH OLN~TED, CUYAHOGA COUNTY, OHIO: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $350,000 for the pur- pose of paying the City's portion of the cost of constructing sanitary sewers, sewer curb connections and necessary appurtenances, including necessary street resurfacing and restoration of drainage facilities in Porter Road, Martin Drive, Jenkins Road and easement over to Lansing Drive, Lansing Drive, North Park Drive and easement to Sherwood Estates treatment plant, Oring Road, and a trunk sewer in public easements run- ning frown a point in Porter Road 5~+8 feet northwesterly of Martin Drive northerly and easterly approximately x+,728 feet to the Dover Center Lift Station, as provided in Resolution No. 68-8~+, adopted May 21, 1968. Section 2. That said bonds shall be dated approximately December 1, 1973, shall bear interest at the estimated rate of six per centum (6~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual instal]~nents after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bands for the above described improve- ment, and to provide funds for the retirement of the aforesaid out- standing notes, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $350,000. Section ~+. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five per centum per annum ,., ~. . i