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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.
<br />BY ? AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES
<br />IN ANTICIPATION OF THE LEVY OF SPEC7:AL ASSESSMENTS
<br />AND IN ANTICIPATION OF THE ISSUANCE OF BOIVDS TO
<br />PAY THE PROP'ERTSC OWNERS' AND THE CITY'S PORTIONS
<br />OF THE COST OF INff'ROVING PORTER ROAD AND CERTAIN
<br />OTHER STREETS AND PUBLIC EASEMENTS BY CONSTRUCTING
<br />SANITARY SEWERS, SEFIER CURB CONNECTIONS AND NECES-
<br />SARY APPURTENANCFS, IIVCLUDING STREET RESUIWACIIVG
<br />AND RESTORATION OF DRAINAGE FACILITIES, ANn DECLAR-
<br />ING AN FMERGENCY.
<br />WHEREAS, Council has heretofore declared the necessity of con-
<br />structing the improvemnt described in Section 1 hereof, the total esti-
<br />mated project cost of such i.mprovement bei.ng $766,100, of which the City's
<br />poxYtion is $627, 466 and the property owners' portion is $ 138, 634 ; a,nd
<br />WHEREAS, a note in the amount of $150,000 was issued pursuant to
<br />Ordinance No. 67-237 to pay part of the City's portion of the cost of said
<br />improvement, and Council has now determined to issue notes in the amount
<br />of $616,100 to pay the remaining City's portion of the cost of such improve-
<br />ment and also to pay the property owners' portion of the cost; and
<br />4THERF.AS, the fiscal officer of the City ha,s certified the maximum
<br />matuxity of bonds and notes for said improvement;
<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 bonds
<br />of the City of North Qlmsted in the principal sum of $616,100 for the pur-
<br />pose of paying, in anticipation of the collection of special assessments,
<br />the property owners' portion, and also to pay the City's portion of the
<br />cost of constructing sanitaxy sewers, sewer curb connections and necessary
<br />appurtenances, including necessary street resurfacing and restoration of
<br />drainage facilities in Porter Road, Martin Drive, Jenkins Road and easement
<br />over to Lansing Drive, Iansing Drive, North Park Drive and easement to
<br />Sherwood Estates treatment plant, Oring Road, and a trunk sewer in public
<br />easements running from a point in Porter Road 548 feet northwesterly of
<br />Maxtin Drive northerly and easterly approximately 4,728 feet to the Dover
<br />Center Lift Station, as provided in Resolution No. 68-84 , adopted May 21,
<br />1968. Of said amount, the City's portion is $?+77,466 and the property
<br />owners' portion is $ 138,634 .
<br />Section 2. That said bonds shall be d,ated approximately August
<br />l, 1969, shall beax interest at the esti.m.ated rate of five per centum (5%)
<br />per annum, payable semi-annually, until the principal sum is paid, and sha1.1.
<br />mature in twenty substantially equal installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the issuance of the aforesaid bonds for the above described improvement,
<br />it is hereby declaxed necessary to issue and there sha1l be issued notes
<br />of said City in the principal amount of $ 616,100 • Such anticipatory
<br />notes sha11 be executed and delivered at such time or times as may be found
<br />by the Director of Finance to be necessary to meet obligations incurred
<br />by this City in making the improvement referred to in Section 1 hereof.
<br />Such notes shall be executed in a series, numbered consecutively beginni.ng
<br />with No. l, and in such number and denomination as determined by the Director
<br />of Finance. Such notes shall bear interest at the rate of three and ninety-
<br />hundredths per centum (3.90%) per annum, payable at maturity. Such notes
<br />shall be dated as of the date of their respective issuance, sha11 mature
<br />on or before one yeax from the date of issuance of the first note issued
<br />hereunder, and shall be payable at the office of The National Ci'ty Bank
<br />of Cleveland, Cleveland, Ohio.
<br />Section 4. Such notes shall be executed by the Mayor and Director
<br />of Finance, shall bear the seal of the corporation, and shall express upon
<br />their face the purpose for which they axe issued and that they are issued
<br />puxsuant to this ardinance.
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