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<br />CITY OF NORTH OLMSTED
<br />ORDIlgANCE N0, ~iR +j
<br />BY G~~7/. ~d~..._
<br />AN ORDIl~ANCE AUT~iORIZIl~ TEE ISSUANCE ~' 1.,100, 000 RE-
<br />NET~TAL NOTES IN .ANTICIPATION OF THE I83UANCE f~' BONDS TO
<br />PAY TEE CITY'S PORTION' tN' THE COST Ck' Il4FT~G DOYID
<br />CENTER ROAiJ AND CE,HTATN OTC STRBNf8 AND PiNlLIC EASE-
<br />M~TS BY CONE~TR{TCl'11~G SANITARY SEA, SEiER Ct CON-
<br />NDCTIO'i~8 AND NEC APP~IRT EB, IIl~r FORCE
<br />MAIN, SEWAGE PUM~'INS STATION, NECE~ARY STET RI3~3[1R-
<br />FACI>~G AND RESTORATSON OF D~tAINAGE FACILITILS (CONTRACT
<br />12 ), AND DEC7,ARING AN EMR~GENCY.
<br />WHEftF,AS, this Council by Ordinance No. 70-62 authorized the issuance of notes
<br />in the amount of $1,100,000 to pay the City's portion of the cost of the improve-
<br />ment described in Section 1 of this ordinance, v~hich notes were retired with the
<br />proceeds of the $1,100,000 renewal notes issued pursuant to Ordinance No. 71-25,
<br />the notes issued pursuant to the latter ordinance having a maturity date of March
<br />24, 1972; and
<br />4~EtEAS, Council has determ3.ned to issue renewal notes for the City's portion
<br />of the cost of said improv+mment, the proceeds of which will be used to retire the
<br />outstanding notes at maturity; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum maturity of
<br />bonds anticipated and to the notes herein authorized;
<br />N'OW, THERg'ORE, BE IT ORLtAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,100,000 for the purpose of paying the
<br />City's portion of the cost of improving Dover Center Road, Porter Road, Martin
<br />Drive, North Park Drive, East Park Drive, West Park Drive, Douglas Drive, Alden
<br />Drive, Evergreen Drive, Wallet Drive, Broxbourne Road, Wellesley Avenue, Whit~aven
<br />Avenue, Elmhurst Road, Lorain Road, Rsnehview Avenue, West Ranchview Avenue, and
<br />certain public easements between certain termini by constructing sanitary sewers,
<br />sewer curb connections and necessary a~Epur'tenances, including a force main srxul. sew-
<br />age lift station, necessary street resurfacing and restoration of drainage fac33.i-
<br />ties, all as provided in Resolution No, 68-1~+2, adapted SepteASber 3, 1968•
<br />Section 2. That said bonds shall be dated approximately March 1, 1973, shall
<br />bear interest at the estimated rate of six and one-half per centun (6-1~2~) Per
<br />annum, payl~,ble semi-annually, until the principal semis paid, and shall mature in
<br />thirty substantially equal annual installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to provide funds for the retardment of the
<br />aforesaid notes maturing March 2~, 1972, it is hereby declared necessary to issue
<br />and there shall be issued notes of said City in the principal msQUnt of $1,100,000.
<br />Section ~+. That such anticipatory notes in the amount aforesaid sha71 bear
<br />interest at such rate not exceeding four per centum (4~-) per annuum, payable at
<br />maturity, and at such rate after maturity not exceeding eight par centum (8~) per
<br />annum, as may be fixed by the Director of Finance in his award of said notes at
<br />private sale. Such notes shall be dated March 24, 1972, shall mature March 23, 1973,
<br />and shall be in such denominations as may be requested by the purchaser.
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