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 />
|