71-169 Ordinance - Laserfiche WebLink

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'Y` '~ CIT1C OF HOI~ OLMSTgD ORTf H0. ~~~ ,~ i_ .:; AN ORO TO PAOV' 1P4R T88 I€~St (?!' $369, DDD WAS, notes in the to amount of $39,000 were issued pursuant to Ordinance No. 70-181, passed r 1, 1970, which antes mature Dece~eber 28, 1971; and , Council has detex~sined to issue the notes herein authorized to pro- vide the i'bnds necessary to retire the outstanding sofas at their asturity; attd i~8'1~AS, the fiscal officer has certified to the ~ maturity of the bands anticipated and to the Hates herein authotrized; NOW, TSgRt~tP'OI~, ffi IT BY T~ COUNCIL OF TSg CITY OF' 1~ORTH OIi~S'fBD, CiTYA~itX~, Ct~JPTY, OHIO: Section 1. That it is hereby declared necessary to issue bonds of the City of forth Olmsted in the principal sum of $369,000 for the purpose of paying the City's pcrttian of the cost of ccatstru~:ting sanitary sewers, sewer cn~rb carectons and necessary appurtena~aces, including necessary street resurfacing agd resters- tit3n of drainage facilities in Pcn~ter Roe~d~ Martin Drive, Jenkins Hand awl eaese- msnt over to Lensing Drive, Lansing Drive, forth Park Drive and easw~ent Sherw+ocxi P~stateas treatsent plaaat, Orimg Road, and a trunk sewer in public eass- ments running from a point in Porter Road g48 feet northwesterly of Martin IIrive scerly and easterly sppsoxia~stely 4,'28 fast to the Dover Center Lift Station, as provided in Resolution Fo. 68-84, adapted May 21, 1968. Section 2. That said bc3nds shall. be dated appsotxi~aately Dec®mber 1~ 1972, shall bear interest at the estimated rate of six per center (6~-) per ann~, payable semi-atuaually, until the griucipsl svm is paid, and sha11 mature in twenty substaatie7ly equal annu~a]. installments after their issuance. Section 3. That for the purpose of raising coney 3n anticipation of the issuance of the aforesaid beads fcxr the above described imin~+rent, sad to pro- vide funds for the retirement of the aforesaid outstanding cotes, it is hereby declared necessary to issue and there shall be issued notes e~' said City in the principal amount of $369,000. Section ~+. That such anticipatory cotes in the t aforesaid shall bear interest at such rate not exceeding five per cexttuo4 per aauatm ass may be fined by the Director of Finance in his award of said Hates at pMv~ats sale, such int~e~rest to be payable at maturity, and may bear a penalty rate of interest not exceeding eight per centum per annimm if d~sPault is made in parent of the notes at ns#airi.ty. Said notes shall be dated De 28, 1971, and shall mature on Reaarrbar ~ ~~T2• Said notes shall be signed by the error and by the Director trP Fits,, shall. bear the corporate seal of the City, sha.11. be payable at the office of The Natio~7. City Dank of Cleveland, Cleveland, Ohio, and shall express on their face the purpose