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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. -,~~y~"~+L--
<br />BY ~%~• .
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $592,000
<br />RENEWAL NO2'ES IN ANTICIPATION OF THE ISSUANCE OF B0N1)S
<br />TO PAY TSE CITY'S PORTION OF THE COST OF ZBR"ROVING
<br />COLUMBIA ROAD AND CERTAIN OTHER STRRRTS AND EAS S
<br />BY CONSTR~fCTING SAZ~"ITARY SEiiERS , SEWER CURB TIONS
<br />AND NECESSARY APPURT~iANCES, INCLUDING NECESSARY STREET
<br />RESURFACING AND RESTORATION OF DRAINAGE FACILITIES (CON-
<br />TRACT N0. 15), AND DECLARING AN EMERGENCY.
<br />WHEREAS, there is now outstanding an issue of $592,000 Sewer Improve-
<br />ment Notes dated March 10, 1972, maturing on March 9, 1973, and issued pursuit
<br />to Ordinance No. 72-23~ passed February 15, 1972, which notes co~ustitute the
<br />second annual xenewal of the City's portion of the original $95fl,000 notes
<br />dated March 12, 1970 which were issued to pay the City's portion and the
<br />property owners' portion of the cost of the sewer improvement described in
<br />Section 1 hereof; and
<br />WHEREAS, this C~acil has determined that it is necessary to issue the
<br />renewal notes herein authorised to provide funds to retire the outstantding
<br />notes on March 9, 1973; and
<br />WHEREAS, the fiscal officer of the City has certified the maxiee aaturity
<br />of bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the Citq of North
<br />Olmsted, 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 sun of $592,000 for the purpose of
<br />paying the City's portion of the cost of improving Columbia Road, Gesener Road,
<br />Evelyn Drive, Eleanor Drive, Florence Avenue, Root Road, Doane Road, Silver-
<br />dale Road, Selhurst Road, Kennedy Ridge Road, Butternut Ridge &oad awl certain
<br />easements between the termini set forth in Resolution No. 69-177, adopted
<br />October 21, 19b9, by constructing sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including necessary street resurfacing and restora-
<br />tion of drainage facilities, said sewer improvement being known as Contract
<br />No. 15.
<br />Section 2. That said bonds shall be dated approximately March 1, 1974,
<br />shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1/2~) per annum, payable semi-annually, until the principal sump is paid,
<br />and shall ~aature in thirty substantially equal annual installments after
<br />their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to provide funds for the retirement of
<br />the aforesaid notes maturing March 9, 197, it is hereby declastd necessary
<br />to issue and there shall be issued notes of said City in the principal amount
<br />of $592,000.
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