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<br />CITY OF NORTH OIMSTED
<br />013DzNANCE No. bo?-z/O
<br />BY
<br />AN ORDINANCE AUrHORIZING THE ISSUANCE OF A NOTE IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE
<br />LEVY AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY
<br />THE PROPERTY OWNERS' PORTION AND THE CITX'S PORTION
<br />OF THE COST OF IMPROVING SOUTHERN AVENUE BY INSTALL-
<br />ING A STOBM SEWER,, AND DECLARIIdG AN EMERGENCY.
<br />WHEREAS, pursuant to Ord.inance No. 67-234 passed October 3, 1967, a note in
<br />the amount of $26,000 and dated December 12, 1967 wa,s heretofore issued for the
<br />purpnae hereinafter mentioned, which note matures on December 12, 1968; and
<br />WHEREAS, this Cou.ncil has now determined to issue a new note and retire the
<br />presently outstanding note with the proceeds thereof; and
<br />Wf?EREAS, the fiscal officer of the City has certified the maximum maturity
<br />of such bonds to be five years, and of such notes to be five years from the date
<br />of issuance of the original note, to wit; December 12, 1972, if sold publicly,
<br />or one year if sold at private sale;
<br />NOW, THEREFORE, BE IT OI2DAINED by the Couneil of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1; That it is hereby decla.red necessary to issue bonds of the City
<br />of North Olmsted in the principa,l sum of $26,000 for the purpose of paying, in
<br />anticipation of the collection of special assessments, the property owners' portion,
<br />and also to pay the City's portion of the cost of improving Southern Avenue from
<br />the existing ditch east of Burns Roed westerly to a point approximately 120 feet
<br />east of MeKenzie Road by installing a storm sewer and necessary appurtena,nces in
<br />accordance with Resolution No. 65-276, adopted November 16, 1965- Of said amount,
<br />the property owners' portion is $22,n0 and the City's portion is $3,770.
<br />Section 2; That said bonds shall be dated approximately November l, 1970,
<br />shall bear interest at the estimated rate of five per centum (5%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall ma.ture in ten
<br />substantially equal a.nnual installments after their issuance.
<br />Section 3: That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds a.nd in anticipation of the levy and collection
<br />of special assessments for the above described improvement and to retire the
<br />outstanding note issued for such purpose, it is hereby declared necessary to issue
<br />a.nd there shall be issued a note of said City in the principal amount of $26,000.
<br />Section 4: That such anticipatory note in the amount aforesaid shall bear
<br />interest at the rate of three and eighty-hundredths ger centum (3.80%) per annum,
<br />such interest to be payable at maturity. Said note shall be dated December 12,
<br />1968, and shall mature on or before December 12, 1969. Said note shall be signed
<br />by the Mayor and by the Director of Fina,nce, shall bear the corporate seal of the
<br />City, shall be payable at the office of The National City Bank of Cleveland,
<br />Cleveland, Ohio, and sha11 express on its face the purpose for which 3t is issued
<br />and that it is issued pursuant to this ordinsnce.
<br />Section 5: Sub3ect to the rejection oP such note by the Director of Finance
<br />for invest,ment in the Bond Retirement Fund, such note is hereby awarded and sold
<br />to The National City Bank of Cleveland at par and accrued interest. The proceeds
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