|
CITY OF NORTH OLMSTED
<br />BY ~~+Gti
<br />AN CRDINANCE TO PROVIDE FOR THE ISSUA~fCE OF NOTES TIC ANTICIPATION
<br />OF THN LEVY OF SPECIAL ASSRSSTS AND T1~ AI~TICIPATTO]f ('~' T
<br />ISSUAIiCE OF BADS TO PAY TIC PROPffi2TY t9WNERS' Pt~T'IfBt AND THE
<br />CITY` S PORTION CF THR COST C~' Ti~'RQVINO hFY R#tAD Alm TN
<br />OTHER STRENTS A~iD PUffi,IC SAS S BY CON~TRUCTTi~ :3AI~ARY .SEWERS,
<br />SEWER Ct~RB C TTONS ANI) NY APPS ~ Zl~CLE?DTNt
<br />NECESSARY STRBET RESURFACING AND RESTORATION' E~' DRA~EAGE FACTLI-
<br />TIES (CONTRACT N0. 16), AND DECLARING AN N['Y.
<br />WIBvtEAS, this Council by Ordinance No. 70-47 authorized the issuance
<br />of notes in the amount of $1,642,000 to pay the estimated praper'Gy owners'
<br />portion and the esti~-ted City's portion of the cost of the improvement de~-
<br />cribed in Section 1 of this ordinance; and
<br />WFII~REAS, pursuant to said ordinance notes in the amount of $1,642,000
<br />were issued, which notes mature on March 12, 1971; and
<br />WHEREAS, Council has determined to issue renewal notes for the property
<br />owners' portion and the City's portion of the cost of said improves~mt, the
<br />proceeds of which will be used to xetire the outstanding notes at ss-turity; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds anticipated and to the notes herein authorized;
<br />NOW, THE'REF'ORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $1,642,000 for the purpose of
<br />paying, in anticipation of the collection aY special assessments, the property
<br />owners' portion, and also to pay the City's portion of the cost of impr~rving
<br />Bradley Road, Barton Road, Charles Avenue, Lorain Road and certain easements
<br />between the termini set forth in Resolution No. 69-14, adopted February 4, 1969,
<br />by constructing sanitary sewers, sewer curb connections and necessary appurtenances,
<br />including a sewage lift station and. force main, necessary street resurfacing and
<br />restoration of drainage facilities, said sewer impxovement being known as Con-
<br />tract 16. Of said amount, the property owners' portion is $387,857 and the City's
<br />portion is $1,254,043.
<br />Section 2. That said bonds shall be dated approximately February 1,
<br />1972, shall beat interest at the estimated rate of six and one-half per centum
<br />(6-129(,) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty substantiaLty equal annual installments after their
<br />issuance.
<br />Section 3. That far the purpose of raising money in anticipation of
<br />the levy and collection of special assessments and of the issuance of the afore-
<br />said bonds to pay the property owners' portion and the City's portion of the
<br />cast of the above described i~eprovement, and to provide funds far the retire-
<br />ment of the aforesaid notes maturing March 12, 1971, it is hereby declared
<br />necessary to issue and there s1ut11 be issued notes of said City in the principal
<br />amount of $1,642,000.
<br />Section 4. That such antieipatary notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding seven per ce~tum ('T9~) per a~mum, payable
<br />at maturity, and at such rate after maturity not exceeding eight per centum (896)
<br />per annum, as may be fixed by the Director of Finance'. in his ar~ard of said motes
<br />at private sale. Such Hates aha]1 be dated March 12, 1971, shall mature March 14,
<br />1972, and shat.]. be in such dencmlinations as may be requested by the purchaser.
<br />ORDINANCE N0. ~~~
<br />__ - r ., .~. t 4: ~_.,..,.~
<br />
|