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<br />
<br />CITY OF NORTH OLMSTID
<br />.,,
<br />ORDINANCE N0._~~~
<br />BY
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<br />,.._._
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS TO PAY TF~E CITY'S PORTION OF THE COST
<br />OF IMPROVING DOVER CEIaTER ROAD AND CERTAIN OTHER STR~,~TS AND
<br />PUBLIC EA~STS BY CONSTFtL1~CTING SANITARY SEWERS, SEWER CURB
<br />COIiNECTIONS Al~D NECESSARY APPiktTENANCES, INCLUDING FORCE MAIN,
<br />SEWAGE Pt?M~'ING STATION, NECESSARY STREET RESURFACING AND
<br />RERATION OF DRAINAGE FACILITIES (CONTRACT 12 ), AND DECLARIATG
<br />AN EMERGENCY.
<br />WHEREAS, this Council by Ordinance No. 70-62 authorized the issuance
<br />of notes in the amount of $1,100,000 to pay the estimated City's portion of the
<br />cost of the improvement described in Section 1 of this ordinance; and
<br />WHEREAS, pursuant to said ordinance notes in the amount of $1,].00,000
<br />were issued, which notes mature on March 26, 1971; and
<br />WHEREAS, Council has determined to issue renewal notes for the City's
<br />portion of the cost of said improvement, the proceeds of which will .be used to
<br />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, TIi'EREFORE, 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 tb issue bonds of the
<br />City of North Olmsted in the principal sum of X1.,100,004 for the purpose of
<br />paying the City's portion of the cost of improving Dover Center Road, Porter
<br />Road, Martin Drive, North Park Drive, East Park Drive, West Park Drive, Douglas
<br />Drive, Alden Drive, Evergreen Drive, Willet Drive, Broxbourne Road, Wellesley
<br />Avenue, Whitehaven Avenue, Elmhurst Road, Lorain Road, Ranchview Avenue, West
<br />Ranchview Avenue, and certain public easements between certain termini by con-
<br />structing sanitary sewers, sewer curb connections and necessary appurtenances,
<br />including a force main and sewage lift station, necessary street resurfacing
<br />and restoration of drainage facilities, all as provided in Resolution No. 68-1~+2,
<br />adopted September 3, 19b8.
<br />Section 2. That sia3.d bonds shall be dated approximately March 1, 1972,
<br />shall. bear interest at the estimated rate of six and one-half per centum ~ { 6-1~2~0 )
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in thirty substantially equal annual installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of
<br />the issuance of the aforesaid bonds and to provide funds for the retirement of
<br />the aforesaid notes maturing March 26, 1971, it is hereby declared necessary to
<br />issue and there shall be issued notes of said City in the principal amount of
<br />$1,100,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding seven per centum ('7~,) per annum, pay-
<br />able at maturity, and at such rate after maturity not exceeding eight per centum
<br />(8°,6) per annum, as may be fixed by the Director of Finance in his award of said
<br />notes at private sale. Such notes shalt be dated March 26, 1971, shall mature
<br />March 24, 1972, and shall be in such denominations as may be requested by the
<br />purchaser.
<br />Section fi. Such notes shall be signed by the Mayor and Director of
<br />Finance and bear the seal of the corporation. They shall be pile in Federal
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