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CI`I'Y OF NORTH OLMSTED
<br />ORDINANCE N0.
<br />BY
<br />AN ORDINANCE AUTHORIZING THE ISStTANCE OF A NOTE IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY
<br />AND COLLECTION OF SFECIAL ASSESSMENTS TO PAY THE COST
<br />OF IMPROVING DOVER G`ENTER ROAD AND KENNEDY RIDGE ROAD
<br />BETWEEN CERTAIN TERMIlVI BY CONSTRUCTIlVG SIDEWALKS IlV
<br />SAID CITY., AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 66-288 passed October 18, 1966, a note
<br />in the amount of $28,100 and dated November 23, 1966 was heretofore issued for the
<br />purpose hereinafter mentioned, which note was retired from the proceeds of the
<br />$28,100 note issued pursuant to Ordinance No. 67-248 passed November 8, 1967, which
<br />latter note matures on November 23, 1968; and
<br />WHEREAS, this Council has now determined to issue a new note and retire
<br />the presently outstanding note with the proceeds thereof; and
<br />WHEREAS, 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 of
<br />issuance of the original note, to wit: November 23, 1971, if sold publicly, or
<br />one year if sold at private sale;
<br />NOWI THEREFOREp BE I'I' ORDAINED by the Council of the City of North 0lmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $28,100 in anticipation of the collection of
<br />special assessments to pay the cost of constructing sidewalks on the west side of
<br />Dover Center Road from Lorain Road northerly to the corporation line, on the north
<br />side of Kennedy Ridge Road from Great Northern Boulevard easterly approximately 1,920
<br />feet to the easterly line of Permanent Parcel No. 236-10-22, and on the north side of
<br />Kennedy Ridge Road from the westerly line of Permanent Parcel No. 236-13-6 easterly
<br />approximately 1,820 feet to Columbia Road, except where constructed by property owners
<br />pursuant to the option contained in Resolution No. 66-150, adopted June 7, 1966.
<br />Section 2. That said bonds shall be dated approximately November 1, 1969,
<br />shall bear interest at the estimated rate of four per centum (4°1o) per annum, payable
<br />semi-annually, until the principal sum is paid, and shall mature in five substantially
<br />equal annual installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and in anticipation of the levy and collection of
<br />special assessments for the above described improvement and to retire the outstanding
<br />note issued for such purpose, it is hereby declared necessary to issue and there
<br />shall be issued a note of said City in the principal amount of $28,100.
<br />Section 4. Tha.t such anticipatory note in the amount aforesaid shall bear
<br />interest at the rate of three and eighty-hundredths per centum (3.80°fo) per annum, such
<br />interest to be payable at maturity. Said note shall be dated November 23, 1968, and
<br />shall mature on or before November 23, 1969. Said note sha1l be signed by the Mayor
<br />and by the Director of Finance, shall bear the corporate seal of the City, shall be
<br />payable at the office of The National City Bank of C1.eveland, Cleveland, Ohio, and
<br />shall express on its face the purpose for which it is issued and that it is issued
<br />pursuant to this ordinance.
<br />Section 5. Subject to the rejection of such note by the Director of Finance
<br />for investment in the Bond Retirement Fund, such note is hereby awarded and sold to
<br />The National City Bank of Clevel.and at par and accrued interest. The proceeds from
<br />such sale, except any premium and accrued interest, shall be paid into the proper
<br />fund and used for the purpose aforesaid and for no other purpose. Any premium and
<br />accrued interest shall be deposited in the Bond Retirement Fund.
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