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<br />CITY OF NORTH OL1~5TED
<br />ORDINANCE NO. ,t-.tI.L
<br />BY
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE C#~' $1'275,000
<br />RENEFTAL ~ IN ANTICIPATION (lFF' THE ISSUANCE tlY+' BO»DS
<br />TO PAY TAB CITY'S PORTION. OF TAE COST ll~' Il~!tOV]l!
<br />BRADLEY. ROAD AND CEli~AIN OTRER STREETS AND EASEA~S
<br />BY CONSTIR~TIl'~G SA1~I.TARY SEWEEtS, SIR CURB CO~ECxI(~'S
<br />AND NECES;3ARY API:.ENANCES, Il~CI~JDT~G Nl~CE38ARY STREET'
<br />REStTREACIIR"r AND RSSZ"ORATIt3N OF DRAINAGE FACILSTIES (CON-
<br />TRACT N0. 16 ), AND DECLARIl9G AN EMEF~GEi~CY.
<br />WHgftEAS, this Council by Ordinance No. 70-47 authorized the issuance of notes
<br />in the amount of $1.,642,000 to psy the estimated property owners' portion and the
<br />estimated City's portion of the cost of the improvement described in Section 1 of
<br />this ordinance, which notes were retired with the proceeds of the $1,.642,000 re-
<br />newal notes issued pursuant to Ordinance No. 71-27, the notes issued pursuant to
<br />the latter ordinance having a maturity date of March 10, 1972; and
<br />Wff~~EAS, the property owners' portion of the cost of said improvement is be-
<br />ing ravided for from assessments paid in cash and from part of the proceeds of
<br />the 410,000 assessmeYrt bonds being issued pursuant to Ordinance No. 72-8, and
<br />Council has determined to issue renewal notes for the City's portion of the cost of
<br />said 3~provement, the proceeds of which will be used to retire the City's portion
<br />of the outstanding notes at maturity and to provide additional. funds for the City's
<br />portion of the cost of said improvement; and
<br />WHEREAS, the fiscal officer of the City has certified the maximvmd maturity
<br />of bonds anticipated and to the notes herein authorized;
<br />NC~i, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuya~tvga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal earn of $1,275,000 for the purpose of paying
<br />the City's portion of the cost of improving Bradley Road, Barton Road, Charles
<br />Avenue, Lorain Road and certain easemtents betwe~` the termini set forth in Resolu-
<br />tion No. 6g-14, adopted February 4, 1969, by constructing sanitary sewers, sewer
<br />curb connections and necessary appurtenances, including a saryra,~e lift station and
<br />force main, necessary street resurfacing and restoration of drainage facilities,
<br />said sewer improvmnent being known as Contract No. 16.
<br />Section 2. That said bonds shall be dated approximately March 1, 1973,
<br />shall bear interest at the estimated rate of six and one-half per cerr~um (6-1/2;6)
<br />per annum, payable semi-anmially, until the principal sum is paid, and sh8~I.1
<br />mature 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 lO, 1972, it is hereby declared necessary to issue
<br />and there shall be issued notes of said City in the principal amount of $1,275,000.
<br />Section 4. That such anticipatory notes in the amount sforesaid shall bear
<br />interest at such rate not exceeding four per centum (4~) per anmm~, payable at
<br />maturity, and at such rate after maturity not exceeding. eight per centum (8~) per
<br />annum, as may be fixed by the Director of Finance in his award of said rwtes at
<br />private sale. Such notes shall be dated March 10, 1972, shall mature A~-rch 9,
<br />1973, and shall be in such denominations as may be requested by the purchaser.
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