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<br />Sl~1L~RHH:AS, the Council of the City of North Olmsted has heretofore by proper
<br />legislation declared the necessity of coustrueting the improveffient described in
<br />Section 1 of this ordinance; and
<br />i~R&A.S, Council, based upon actual eoa~struction bids received and estimates
<br />of other costs, has found and determined that the total estimated cost of said
<br />improvement wi11 not be less than $1,61x2,000;
<br />NOWT RS, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l: That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principx~l sum of1,61x2,000 for the purpose of paying,
<br />in anticipation of the collection of special assessments, the property o!~rners'
<br />portion, and also to pay the City's portion of the cost of improving Bradley Road,
<br />Bartow Road, Charles Avenue, Lorain Road and cextain easements between the termini
<br />set forth in Resolution No. 69-11~, e~dopted 1Aebruary ~+, 196g, by coxnstructing
<br />sanitary sewers, suer curb connections and ..necessary appurtenances, including a
<br />sewage lift station and force main, necessary street resurfacing and restoration
<br />of drainage facilities, said sewer improvement being known as Contract 16. Of
<br />said amount, the property owners' portion is $3$7,957 and the City's portion is
<br />~,25~+,0~+3.
<br />Section 2; That said bonds shall be dated approximately February 1, 1871,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1~2~)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in twenty substantially equal annual installments after their issuance.
<br />Section 3; That for the purpose of raising money in anticipation of the
<br />levy and collection of special assessments and of the issuance of the aforesaid
<br />bonds to pay the property awners' portion and the City's portion of the cost of
<br />the above described improvement, it is hereby declared necessary to issue and
<br />there shall be issued notes of said City in the principal amount of X1.,6112,000.
<br />Section 1+: That such anticipatory notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding seven per centum ('~,) per annum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (8~) per
<br />annum, as may be fixed by the Director of Finance in his award of said notes at
<br />private sale. Such notes sha11 be dated as of the date of issuance, shall mature
<br />one year from said date, and shall. be in such denominations as may be requested
<br />by the purchaser.
<br />Section 5; Such notes shall be signed by the Mayor and Director of Finance
<br />and bear the seal of the corporation. They shall be payable in Federal Deserve
<br />funds of the United States of America at the main office of the National City
<br />Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the purposes
<br />for which they are issued and that they are issued pursuant to this ordinance.
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