70-181 Ordinance - Laserfiche WebLink

Home Browse Search

C CITY OF NORTH OLMSTED OBDINANCE N0. ~o --/~ BY AN ORDINANCE TO PAOY.~S ~'OR THE ISSUt~CE OF $369,000 RrAL N0~ IN A~czCIPATrON o~ T~ ISSUAi~CE OF BONDS TO PAY THL CI~"Y'S PORTI(~ OF T~ COST OF IM- PROiT.'L PORL"BR ROAD ADD OTHER STR~t'S A1~D P[JBLIC BASS'S 83C Cf l!~'3T~C'1.'X.'1~'r S~AN1 ~ SCR CURB CTItf~ A~(D NNC~SSAffi APPUR2~RAI~CRS, Il'iCI~ID~rNG 1~CE9gAA'X' STRUT RF~3RP'ACl1~ AND I~ORA- TION OF DRAII~iGE 1~ACILTTIES (CONTRACT 1.1.~, AND DN- CLARING AN LMERCxRNCY. t4S, a note 3.n the amount of $,390,000 was issued pursuant to Ordinance No. 69-218, passed December 16, 1969, which note matures December 27, 1970; and WHNREAS, there is available the sum of $21,000 to be applied against the principal. amount of said outstanding note and Council has ..determined to issue 'the notes herein authorized to provide the remaining funs necessary to retire the outstanding note at its maturity; and WL[~'RL~AS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOWT TBEREFORE~ BE IT OP~IAINED BY THE COUNCIL OF TEE CITY OF NORTH OIMSTED, CUYAHOGA CORJNTY~ Offi0: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $369,000 far the purpose of paying the City's portion of the cost of constructing sanitary sewers, sewer cux'b connections and necessary appurtenances, including necessary street resurfacing and restoration of drainage facilities in Porter Road, Martin Drive, Jenkins Road and easement over to Lansing Drive, Lansing Drives North Park Drive and easement to Sherarood Estates treatment plant, Oxing Road, and a trunk sewer in public easements running from a point in Porter Road 51+8 feet northwesterly of Martin Drive northerly and easterly approximately 1+,728 feet to the Dover Center Lift Station, as provided in Resolu- tion No. 6$-81+, adopted May 21, 1968. Section 2. That said bonds shall be dated approximately December 1, 1971, shall bear interest at the estimated rate of seven per centum (796) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described improvanent, and to pro- vide funds for the retirement of the aforesaid outstanding note, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $369,000. Section 1+. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding six per centum per annum as may be fixed by the Director of Finance in his award of said notes at private sale, such interest to be payable at maturity, and may bear a penalty rate of interest not exceeding eight per centum per annum if default is made in payment of the notes at maturity. Said notes shall be dated December 28, 1970, and shall mature on December 28, 1971. Said notes shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express on their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Said notes sha11 be ixi such number and denomination as may be requested by the purchaser and may be payable in Federal Reserve funds of the United States of America if requested by the purchaser. 'P