73-136 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLl~STED ORD:tNELi~E NO. ~ ~ .,;~ - , ,~~ ,; AN ORDINATE AtITHd()RxZTNCr THE ISSUANCE OF BONDS FOR THE PURPOSE OF P,A'YII~G THE CITYrS PORTION OF TF1E COST OF Il~ROVSNG RQAD AND CERTAIN STREETS AND PUBiwTC EAS BY GONSTRITCTING SA~NZTARY SENNRS, SEGIER CURB C IONS AND NNCffiSARY A~.~NANC~S' INCLUDING NECESSARY STRBET R~ACII~G AND RffiTORATION OF DRAINA~CxE FACILITIES, AI4D DECLARING AN EN~RGENCY. WHREtEAS, $350,000 of notes were issued pursuant to Ordinance No. 72-196 in anticipation of the bonds herein authorized, which notes mature on December 2'T, 19733 arx~. WHEREAS, there is available the sum of $5,000 which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the bonds herein authorized to provide the remaining funds necessary to retire the outstanding notes at their maturity; and W.Eg.'RF.,AS, the fiscal officer of the City has certified his estimate of the life of usefulness of the improvement hereinafter mentioned and the maximum maturity of bonds3 NOW, THEREFORE, BE TT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $3+5,000 for the purpose of pay3.ng the City's portion of the cost of improving Porter Road and certain other streets and public easements by constructing sanitary sewers, sewer curb coxmections and necessary appurtenances, including necessary street resurfacing and restoration of drainage facilities (Contract ll). Section 2. Said bonds sha11 be issued in the principal amount of $3+5,000 for the purpose aforesaid. The said bonds sha1.1. be dated December 1, 1973, sha11 be issued in the denomination of $5,000 each, shall be numbered from 1 to 69, both inclusive, and shall bear interest at the rate of five and three-quarters per centum (5-3f~°~) per annum, parable semi-annually on the first day of June and the first day of December of each year beginning June 1, 197, until the principal sum is paid as evidenced by the coupons attached thereto3 provided, however' that if the bonds are sold bearing a different rate of interest than herein specified, such bands shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $.7.5,000 on December 1 in each of the years from 1975 to 1997, itx:lusive, which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall be signed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall. bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shalt be payable in ].awful money of the United States of America at the main office of National City Bank, Cleveland, Ohio. ~,~~ ..~~