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C <br />CITY OF NORTH OLI~RSTED <br />ORDINANCE NO. ~. <br />By <br />s <br />AN ORD E AuTHORIZII~G ':i'HE ISSCTANCE CF BANDS <br />IN' A~PICIPATION OF TOTE COLLECTIQN OF SPECIAL <br />ASSRSS TO FAY THE PROPERTY '! PORTION <br />OF THE COST OF CONST~TCTING CE~tTAIN SANITA~C SCR <br />IMPRCav s (CONTRACTS 15 AND 16), AND ~ <br />AN EIKE~rLE~CY. <br />WHEREAS, Council has heretofore declared the necessity of construct- <br />ing the improvements described in Section 1 hereof; and <br />WFLERF,~AS, notes in the aggregate principal a~moutits of $950,OOO and <br />$1,6+2,000 are presently outstanding which were issued pursuant to Ordinance <br />Nos. 71-26 and 71«27, respectively, to psy the property owners' portion and <br />the City's portion of the improvements described in Section 1 hereof, which <br />notes mature on March 10, 1972; and <br />t~IERF,AS, Council has determined to issue the bonds herein authorized, <br />the proceeds of-which will be used along with cash payments of assessments <br />to pay the property owners' portion of the aforesaid notes issued in anticipa- <br />tion of these bonds; and <br />WHEREAS, the Director of Finance as fiscal officer of this City, has <br />heretofore certified the estimated life of the improvements and the maximum <br />maturity of the bonds prnposed to be issued; <br />1~W, SORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio: <br />Section 1. ghat it is hereby declared necessary to issue bonds of <br />the City of North Olmsted, Ohio, in the principal sum of ~ 410,O~O• in anti- <br />cipation of the collection of special assessments heretofore levied to pay <br />the property owners' portion of the cost of constructing the following im- <br />provements, the amount of such bonds aLl.oeated to each improvement being as <br />follows: <br />Improvement t~nount <br />~,. <br />Sewer Contract 15 -- Improving Columbia Road, Lessner Road, $219,000. <br />Evelyn Drive, Eleanor Drive, Florence Avenue, Root Road, <br />Dutane Road, Silverdale Road, Selhurst Road, Kennedy Ridge <br />Road, Butternut Ridge Road and certain easements between <br />the termini set forth in Resolution No. 69-177, adapted <br />October 21, 1969, by constructing sanitary sewers, sewer curb <br />connections and necessary ap~urtenaaces, including necessary <br />street resurfacing and restoration of drainage facilities. <br />Sewer Contract 16 -- Improving Bradley Road, Barton Road, $191,000. <br />Charles Avenue, Lorain Road and certain easements between <br />the termini set forth in Resolution N'o, 69-11+, adopted <br />February 4, 1969, by constructing sanitary sewers, sewer curb <br />connections and necessary appurtenances, including a sewage <br />lift station and force main, necessary street resurfacing and <br />restoration of drainage facilities. <br />