70-063 Ordinance - Laserfiche WebLink

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'~ cz~ 4~ ~©~t~x Ot~s~n 4RDINAI~CE ao. ~o- ~ ~ WR$REAS, this Council by Ordinance No. 69-10 authDrizeci the issu- ance of a note in the amount of $17,189, to pay the esti~-ted reperty owners' portion ($88,121.95) and the estimated City's portion (6,467.45) of the cost of the improve~aent described in section 1 of this ordiaastce; and WH~AS, pursuant to said ordinance a note in the amount of ~17~,189 was issued, which ante matures on March 28, 1970; and WI~REAS, prepaid cash assessments and surplus m~eys in the con- struction fcmd are available to be applied against the principal amount of the outstanding note and Council has determined to renew said note in the reduced amount of $150,000; and i~flI~RAS, the fiscal officer of the City has certified the msucimum maturity of bonds and notes for said improveffient; At~iT, TIiBRffi+'ORE, BE IT 4RDAIRED by the Council of the City of forth Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bands of the City of North Olmsted in the principal sum of $150,040 in anticipation of the collection of special assessme~tts to pay the property owners' portion, and also to pay the City's portion of the cost of improving Sout~rn Avenue, Decker Road and Midvale Avenue by grading, draining, curb~tg, paving, con- structing sidewalks, and installing sanitary sewer, store! sewer and water curb connections between the ter~aini and in the meumaer provided by Resolution No. 68-317, adapted August 13, 1968. Of said amount, the property owners' portion is 70,200 and the City's portion is $79,$00. Section 2. That said bonds shall be dated 3ayately July 1, 1974, shall bear interest at the estimated rate of sloe s~ ~e lAalfper centum (6-1~2~) per mntm~, payable semi-annually, until t~ principal sum is paid, and shall mature in twenty substantially equal installm~mts after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the. aforesaid bonds and to retire the aforesaid outsteetd- ing note, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of 150,000. Section ~+. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding sev~sn par centum ('T~) per annum, payable at maturity, and at such xate after maturity not exeeedi~-g eight per centum (~,) per a~-num, as may be fined by the Director of Finance in his award of said notes at private sale. Such notes shall be dated March 27, 1970, shall mature on July 27, 1970, and shall be in such denomi- nations as may be requested by the purchaser.