71-138 Ordinance - Laserfiche WebLink

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' =jam: r oRDIxARCE Ro . ~/_-/.~~ ,. ~., , . AR ORDIRARCE TO PROVIDE FOR THE ISSUARCE OF ROTES IR ARTICIPATI01~' OF THE LAY AND COLLECTIOR OF SPECIAL ASSffi AaD IR Ail'i'ICIPATION OF THE ISSUABCE OF BOIfDS TO PAY TSE PROPER'T'Y fJiiI~ERB' PORTION, AND ALSO TO PAY THE CITY'S PfHRTIOIt, OF THE COST OF IMPROVING BURRS ROAD AND CERTAIR OTHER STREATS, CERTAIR TERMIRI, BY REPLACING ARD REPAIRIRG SIDE~IALKS, ARD DECLARIRG AR ffi+t~RGENCY. WHEREAS, the Council of the City of Rorth Olmsted has hereto- fore by proper legislation declared the necessity of constructing the improvement described in Section 1 of this ordinance; and WHEREAS, Council, based upon actual construction bids received and estimates of other costs, has found and determined that the total estimated cost of said improvement Will not be less than $12,000; and WHEREAS, the Director of Finance has certified to this Council that the maximum maturity of bonds issued for such purpose Would be five years, and that the maximua maturity of notes in anticipation of the is- suance of such bonds is five years, or one year it sold privately; and ROW, THEREFORE, BE IT ORDAZRED by the Council of the City of Rorth Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Rorth Olmsted in the principal a~ of $12,000 for the pur- pose of paying, in anticipation of the collection of special ssseasafents, the property owners' portion, and also to pay the City's portion of the coat of improving Burns Road, Georgette, Maple Ridge, Claque Road, Carey Lane, South Porter Road, Sherwood Drive, Maria Lane and Coe Avenue between the tersini and in the manner set forth in Resolution Bo. 70-139, adopted August 19, 1970, by replacing and repairing sidewalks. Of said s~awunt, the property oNaers' portion is $10,500 and the City's portion is $1,500. Section 2. That said bonds shall be dated approximately October 1, 1972, shall bear interest at the estimated rate of five and one-half per centum (5-1/2x) per annum, payable semi-annually, until the princi- pal stsa is paid, and shall mature in five substantially equal annual in- stallments after their issuance. Section 3. 'That for the purpose of raising stoney in anticipa- tion of the levy sad collection of special sssesamenta and of the issuance of the aforesaid bonds to pay the property owners' portion and the City's portion of the cost of the above described improvement, it is hereby de- clared necessary to issue and there shall be issued notes of said City in the principal amount of $12,000. ~a~~:.x~m:~rt..._~ . ., _G