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<br />CITY OF NORTH OLt~4TED <br />ORDINANCE N0. _~!Y_ S[ 3 <br />~i~~ <br />$y <br />ORDIltCE TO PROVIDE FOR THE ISSUANCE ~' $592,000 RE- <br />NEWAL IN AN`PICTPATSt~' OF THE ISSUANCE A~' T4 <br />PAY THE CITY' S P4RTIfNT c~ COS'P c~ 31~4v7ctl~ C ~ <br />ROAD AItD C SAND Pt~Ll'C BY <br />coNSTr SA~mrA~r s , sR cc~s C4~1'BCTI(73 .~ <br />N~cESSARY A~RT~c~s, 3~CLUD711G s - <br />SURF'ACT'NG AND RES~"ORATIt~ 4F URA~E FACILITIffi (CON- <br />TRACT N0. 15 }, A1~D DECLAR]l~'x AN EME~F~t. <br />WHEEtF~AS, this Council by Ordinance No. 70-116 authorised the issuance of notes <br />in the amount of $950,000 to pay the estimated property owners' portion and the <br />estimated City's portion of the cost of the imgrov~ent described 3.n Section 1 of <br />this ordinance, Which notes were retired with the proceeds of the $950,400 renews]. <br />notes issued pursuant to Ordinance No. 71-26, the notes issued pursuant to the <br />latter ordinance having a maturity date of March 10, 1972; and <br />Wt ' ' ~' ,the property owners' portion of the cost of said impr~.aveme~rt is be- <br />ing rdvded for from assessments paid in cash and from part of the proceeds of <br />the 3.0,000 assessment bonds being issued pursuant to Ordinance 1~. 72-8, aa~d <br />Council lmuot dete~i.ned to issue renews]., notes for the City's portion of the cost <br />of said i>arprovrsnm~t, tha proceeds of which will be used to retire the outstand- <br />ing notes apt maturity; and <br />'ice, the fiscal officer of the City has certified the maxims maturity <br />of bonds anticipated and to the notes herein authorized; <br />NOWT SORE, BE TT ORDAINED by the Council of the City of North 03msted, <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 $592,000 for the purpose of paying the <br />City's portion of the cost of improving Columbia Road, Lessner Road, Evelyn Drive, <br />Eleanor Drive, Florence Averro.e, Root Road, Duane Road, Silverdale Read, Ael2nxrst <br />Road, Kennedy Ridge Road, Butternut Ridge Road and certain easements between the <br />termini set forth in Resolution No. 69-177, adapted October 21, 1969, by construct- <br />ing sanitary sewers, sewer curb connections and necessary appurtesnances' including <br />necessary street resurfacing and restoration of drainage facilities, said sewer <br />improvement being known as Contract No. 15. <br />Section 2. That said bonds sha11 be dated approximately March 1, 1973, sha11 <br />bear interest at the estimated rate of six and one-half per centum (6-1~2~,) per <br />annum, payable semi-annually, until the principal sum is paid, and shall mature <br />in 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 retirement of the <br />aforesaid notes maturing March 10, 1972, it is hereby declared necessary to issue <br />and there shall be issued notes of said City in the principal amount of $592,000. <br />Section 4. That such anticipatory notes in the amount aforesaid sha31 bear <br />interest at such rate not exceeding four per centum (4°~) per annum, payable at <br />maturity, and at such rate after maturity not exceeding eight per ceritum (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 10, 1972, shall mature March 9, <br />1973, and shall be in such denominations as may be requested by the purchaser. <br />