71-170 Ordinance - Laserfiche WebLink

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wE ~^ C1fi7C OF NORTH OI~STND o~au~ANC~ No. ~-~v BY /7GR~/. ~it~c. E .sr ~ a note in the amoamt of $10800 was issued pursuant to Office No. 70-182 passed r 1~ 1970, which, note matures Deca~eber 28~ 1g73.; and S~B~AS~ Council hsra d+etexmin+ed to issue the Hates herein autheni~ed to provide the Rinds necessary to retire the outstamdit~g note at its maturity; and ,, the Pisaal cafif'icer of the City has certified to the maturity of the bands anticipated and to the notes herein anthon-ized; Nt7W~ 't'SEI~FORg~ BB IT 0 by the Crnmcil of the City of North 0].msted, Cuyahoga County, Ohio: Section l: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $10800 for the purpose of paying, in anticipation of the collsatian of special aaaesam~ts, the property owners' portion of the cost of constructing sidewalks at thole locations on Bretton Ridge Drive, Huntington Drive, Siellington T)rive, WPestminster Drive, Stearns Roads Chadbourne Drive amcl Warr, ingto~n I9rive specified in Resolution No. 74-]26, adapted ~-Y 21, 1970 where the property owners have not constructed sidewalks in front of their pranaises. Section 2; That said bonds sha71 be dated approximately Septe®ber 1, 197'2, shall bear interest at the estimated rate of rive per centum (~) per ate, payable sem:L-annual,lyr, until the principal sum is pa3.d, and shall matut~e in five substantially aqua]. annua]. insets after their issuance. Section 3: That for the purpose of raising money in anticipation of the issuance of the aforesaid bands and in anticipation of the levy and collection of special asaeaements for the above cl+eseribed inprov t~ and to provide funds for the retirement of the aforesaid outstanding notes it is hereby declared necessary to issue and there shall. be issued notes of said City in the principal aaaouant of $10,800. Section ~+: 9hat such anticipatoryr notes in the amonant aforesaid shall bear interest at such rate soft a~cce~eding five per centam~ (5'~) per aannuam, le at maturity, and at such rate ai'ter maturity not exceeding eight per centua~ (~~ per annum, as may be fixed by the Director of Finance in his award of acid notes at pMvate sale. Such. notes shalt be dated Deaenber 28, 1971, shall me~it~tre on September 28, 1972, and shall. be in such denominations as may be reaqueated by the pi~.rchaser. Section 5: Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall. be payable at the main office of ~e National City Ba'13~ of Cleveland Clev+elsnd~ trio, shall exprsaa ~Cn their f'aBe the purpose for which they are issued and that they are fasund puranant to this ordinances and be payable in Federal Reserve funds of the united States of America if requested by the purchaser.