|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ,~~
<br />BY _
<br />~AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $1,275,000
<br />RENEWAL NOTES IN ATCIFA7I0N OF THE I38IIANCE OF BvNDs
<br />TO FAY THE CITY'S FQRTIt1N OF THE COST OF IN1'lNf1fING
<br />BRADLEY ROAD AND Cg~TATN 0?HER STREETS AND EASffi!D~"fS
<br />BY CO1~ST~JCTING SANITARY SSNERS, SEWER CUB CO~ECTIONS
<br />AND NECBSSAEY' AI''~R OSS, I1ICLUDILiG NECBS$ARY ST1~ET
<br />RESURFACING AND RESTORA?ION OF DRAINAGI6 FACILITIES (CON-
<br />TRACT N0. 16), AND DECLARING AN E1~Rtt3ENCY.
<br />WHEREAS, there is now outstanding an issue of $1,275,000 Sener Imprcwe-
<br />ment Notes dated March 10, 1972, maturing on March 9,,.1973, and iasnsd pursuant
<br />to Ordinagce No. 72-22, passed February 15, 1972, Nhich notes constitute the
<br />seed annual renaral of the City's portion of the original $1,642,Q00 Hates
<br />dated March 12, 1970 which ~rsre issued to pay the City's portion and the
<br />property owners' portion of the cost of the seaer improvement described in
<br />Section 1 hereof; and
<br />WHEREAS, this Council has determined that it is necessary to issue the
<br />rene~ral notes herein authorised to provide funds to retire the outstanding
<br />notes on March 9, 1973; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum maturity
<br />of hoods anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bends of the
<br />City of North Olmsted in the principal sum of $1,275,000 for the purpose of
<br />paying the City's portion of the coat of improving Bradley Road, Barton Road,
<br />Charles Avenue, Lorain Road and certain easexents between the termini set
<br />forth in Resolution No. 69-14, adopted February 4, 1969, by constructing sani-
<br />tary se~rers, sealer curb connections and necessary appurtenances, including a
<br />sewage lift station and force rosin, necessary street resurfacing and restora-
<br />tion of drainage facilities, said surer improvement being knorn as Contract
<br />No. 16.
<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 centu~a
<br />(6-1/2X) per annul, payable semi-sensually, 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 mousy in anticipation of the
<br />issuance of the aforesaid hoods an~1 to provide fuenis for the zetiresMent of
<br />the aforesaid notes maturing March 9, 1973, it is hereby declared necesssry
<br />to issue and there shall be issued notes of said City in the principal amount
<br />of $1,275,000.
<br />
<br />
|