<br />CITY OF NORTH OLt~4TED
<br />ORDINANCE N0. _~!Y_ S[ 3
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<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.
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