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<br />CITY OF NORTH OLA9STED
<br />,11 ORDINANCE N0. ~,~
<br />BY ~G/
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES IlY ANTICIPATION
<br />OF THE LEVY OF SPECIAL ASSESSt~TTS AND IN ANTICIPATION OF 7~E
<br />ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION AND THE
<br />CITY'S PORTION OF THE COST OF IMPROVING COLUMBIA ROAD AND CERTAIN
<br />OgIER STREETS AND PUBLIC EASEMEE~TS BY CONSTRUCTING SANITARY S;L~IERS,
<br />SEWER CURB CONNECTI(~S AND NECESSARY APPtkZTE~tA~'CES, INCLUDING
<br />NECESSARY STREET RESURFACING AND RESTBHATION OF DRAINAGE
<br />FACILITIES (CONTRACT N0, 15), AND DECLARING AN EMERGENCY.
<br />this Council by Ordinance No. 70-46 authorized the issuance
<br />of notes in the amount of $950,000 to pay the estimated property owners' portion
<br />and the estimated City's portion of the cost of the improvement described in
<br />Section 1 of this ordinance; and
<br />WHEREAS, pursuant to said ordinance notes in the amount of $950,000
<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 improvement, the
<br />proceeds of which will be used to retire the outstanding notes at maturity; 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, THEREFORE, 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 $950,000 for the purpose of paying,
<br />in anticipation of the collection of special assessments, the property owners'
<br />portion, and also to pay the City's portion of the cost of improving Columbia
<br />Road, Gessner Road, Evelyn Drive, Eleanor Drive, Florence Avenue, Root Road,
<br />Duane Road, Silverdale Road, Selhurst Road, Kennedy Ridge Road, Butternut Ridge
<br />Road and certain easements between the termini set forth in Resolution No. 6g-177,
<br />adopted October 21, 1969, by constructing sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including necessary street resurfacing and restoration
<br />of drainage facilities. Of said amount, the property owners' portion is $358,352
<br />and the City's portion is $591,648.
<br />Section 2. That said bonds shall be dated approximately February 1,
<br />1972, shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1J2°~) per annum, payable semi-annually, until the principal aum is paid,
<br />and shall mature in twenty substantially equal annual installments after their
<br />issuance.
<br />Section 3. That for 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 />cost of the above described improvement, and to provide funds for the retirement
<br />of the aforesaid notes maturing March 12, 1971, it is hereby declared necessary
<br />to issue and there shall be issued notes of said City in the principal amount
<br />of $950,000.
<br />Section ~+. That such anticipatory notes in the amount aforesaid shall,
<br />bear interest at such rate not exceeding seven per centum (7y6) per annum, pay-
<br />able at maturity, and at such rate after maturity not exceeding eight per centum
<br />(8°~) per annum, as may be fixed by the Director of Finance in his award of said
<br />notes at private sale. Such notes shall be dated March 12, 1g71, shall mature
<br />March 14, 1972, and shall be in such denominations as may be requested by the
<br />purchaser.
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