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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. .3~ .~..
<br />M
<br />By. :~
<br />AN ORDINANCE AjFt~iORIZIl~ THE ISStTANCE OF $1,100,000 RE-
<br />NEWAL NOTES IN ANTICIPATION OF THE ISSUAl~iCE OF BONi?S TO
<br />PAY THE CITY'S PORTION OF THE COST OF IMPROVING DOVER
<br />CEIQTER ROAD AND CERTAIN OTHER STREETS AND PUBLIC EASE-
<br />MENTS BY CONSTRL~GTII~G SANITARY SEWERS, SEWER CEO C0
<br />NECTIONS AND NECESSARY APPUItTE'l~At(CES, INCLUDTL9C"r FORCE
<br />MAIN, SEWAGE PUMf'IRG STATION, NECffiSARY STREET RESUR-
<br />FACING AND RESTORATION OF' DRAINAGE FACZ:T„1's'IES (CC~(TRACT
<br />12), AND DECLARl~G AN EMERGENCY.
<br />WHk~tEAS, there is now outstanding an issue of $1,100,000 Sewer ?mprove-
<br />ment Notes dated March 2~+, 1972, maturing on March 23, 1973, and issued pur-
<br />suant to Ordinance No. 72-24, passed February 15, 1972, which notes consti-
<br />tute the third anmial renewal of the City's portion of the original $1,870,000
<br />notes dated March 28, 1869, which were issued to pay the City's portion and
<br />the property owners' portion of the cost of the sewer improvement described
<br />in Section 1 hereof; and
<br />'AS, this Council has determined that it is necessary to issue the
<br />renewal notes herein authorized to provide funds to retire the outstanding
<br />notes on March 23, 1973; and
<br />WHII~S, the fiscal officer of the City has certified the maximn~m matur-
<br />ity of bonds anticipated and to the notes herein authorized;
<br />NOW, TEiERE~'ORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $1,100,000 for the purpose of
<br />paying the City's portion of the cost of improving Dover Center Road, Porter
<br />Road, Martin Drive, North Park Drive, East Park Drive, West Park Drive,
<br />Douglas Drive, Alden Drive, Evergreen Drive, Wi11et Drive, Broxbourne Road,
<br />Wellesley Avenue, Whitehaven Avenue, Elmhurst Road, Lorain Road, Ranchview
<br />Avenue, West Ranchview Avenue, and certain public easements between certain
<br />termini by constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, including a force main and sewage lift station, necessary
<br />street resurfacing and restoration of drainage facilities, all as provided
<br />in Resolution No. 68-1~+2, adopted September 3, 1868.
<br />Section 2. That said bonds shall be dated approximately March 1, 1q7~+,
<br />shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1~2°~0) per annum, payable semi-annually, 'until the principal sum is paid,
<br />and shall mature in thirty substantially equal annual. installments after
<br />their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of
<br />the issuance of the aforesaid bonds and to provide funds for the retirement
<br />of the aforesaid notes maturing Larch 23, 1973, it is hereby declared neces-
<br />sary to issue and there shall be issued notes of said City in the principal
<br />amount of $1,100,000.
<br />Section ~+. That such anticipatory notes in the aanount aforesaid shall
<br />bear interest at such rate not exceeding four and one-half per centum (~+-112,)
<br />
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