|
~ .~
<br />l~ ~°`
<br />i^ ~-.~.~
<br />i
<br />CITY OF ifbl$$ 0
<br />0R'BIIYAi~ NO • ^7ct _ 90
<br />'7
<br />L ~ ~~/~L~"`~Lisl~ti.
<br />M ~'
<br />OI~Z A~dl~ I~ ~ ~} IN
<br />A~rzCZrASZOn of ac~zalf a~ ~c~ -
<br />TD PAY T11N Oh zAYIif~F S A
<br />Bl' PA9T~i AlQ1 Ilfff~AL'i
<br />SZ'01~ z~ Alfa STALi~S, AND Tlf~CIAASlIG4 AN
<br />B1fGY.
<br />Council has heretofore dee7.ared the necessity of constructing the
<br />imprnvement described in Section 1 hereof; and
<br />a X45,000 note was issued pursuant to Ordinance No. 69-9 in aati-
<br />eipation of the issuance of the beds herein authorized, which note was d
<br />by the iasusnce of a X43,000 Hate pursuant to 0rdimace No. 70-6, which ].attar
<br />note Mures cue duly 27, 1970; and
<br />1f~Rf~AS, the Director of Fiaaace, as fiscal officer of this City, has here-
<br />tofore certified the esti~,ted life of the improvement and the ~ maturity
<br />of the beds proposed to be issued;
<br />NOiI, ice, BN IT OifiJASNND by the Council of the City of Borth Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issu~a bcaaads of the City
<br />of North Olmsted, Ohio, in the principal sum of ^,900 in anticipation of the
<br />collection of special assessments heretofore levied to pay the cost of improving
<br />Southern Avenue from 1-~eazie Rc~i to a point 165 feet west of Dsater Av+am~,e by
<br />constructing a 7-inch ec>ncrete pavement P5.5 feet wide with app~xrten~ances, in-
<br />cluding storm sewer inlets, cad by constructing concrete sidewe~llu five feet in
<br />width an both sides of said street betw~aen said points, as prcnrided in Resolution
<br />No. 65-278, adopted November 12, 1965, as emended by Resolution No. 66-193,
<br />adopted ~Y 5, 1966•
<br />Section 2. Said bonds shall be issued in the principal eeauat of ,900
<br />for the purpose aforesaid. The said bonds shall be dated duly 1, 1970, shall be
<br />issued in the denoaiastion of $1000 each except bond No. 1 which shall be of
<br />the denomination of $900 oaf bond ilea. 3~ and 35 which shall be of the d,enamna-
<br />tion of 5,000, shalt be numbered tram 1 to 35, both inclusive, and shah. bear
<br />interest. at the rate of seven per centum ('~-) per annum, payable sesii-aamual.lar
<br />on the first day of June cad the first day of December of each year, beginning
<br />June 1, 1971, until the principal sum is paid, as evidenced by the c at-
<br />tached thereto; provided, however, that if the bands are sold bearing a different
<br />rate of interest than herein specified, such bands shall bear such rate of interest
<br />as may be provided in the resolution of Council approving the award thereat. Such
<br />bonds shall ~,ture in their consecutive serial order as follcrxs: $4,900 on
<br />December 1, 1971; X4,000 on December 1 in each of the years 19?2 to 1978, in-
<br />clusive, and $5,000 on December 1 in each of the years 1979 amd 1980; which
<br />maturities are hereby determined to be in substantially equa„1. annual installments.
<br />Section 3. Said bonds sha11 be executed by the Mayor and Director of Finance
<br />and shall bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Fiaanee printed or
<br />lithographed thereon. They shall. be payable i.n Lawful money of the .United States
<br />of America at the office of The national City Hank of Cleveland, C1eve~`,~=°,{~io.
<br />
<br />
|