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CITY OF NORTH OLMSTED
<br />By- • Ca,_,4l
<br />ORDINANCE N0. ?_ " .f
<br />AN ORDINANCE AUTHORZZING THE ISSUANG'E OF BONDS BY
<br />THE CITY OF NORTfi OLMSTED FOR THE PURPOSE OF PAYING
<br />THE CITY'S PORTION OF THE COST OF IMPROVING GREAT
<br />NORMRN BOULZVARD BY GRADING, DRAINING, CURBING
<br />AND PAVING, AND DECLARING AN EMERGENCY.
<br />WHEREAS, the following notes have been issued in anticipat3on of the bonds
<br />herein authorized to pay the City's portion of the cost of improving Great Idorthern
<br />Boulevard; a$6,000 note issued pursuant to Ordinance No. 67-218 (renewing a$6,000
<br />note issued pursuant to Ordina.nce No. 66-204); a$25,000 note issued pursuant to
<br />Ordinance No. 67-104; a$142,600 note issued pursua,nt to Ordinance No. 67-197
<br />(which included the property awners' portion of the cost of said improvement);
<br />and, in addition, the sum of $7,500 was advanced from the General Fund in a,nticipa,-
<br />tion of the issuaxiee of these bonds and is to be reimbursed from the bond proceeds;
<br />and
<br />WHEREAS, this Council has determined to have separate bond issues for the
<br />property awners' port3.on and the City's portion of the cost of said 3.mprovement;
<br />and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto-
<br />fore certified the estimated life of the property a.nd the maximum maturity of the
<br />bonds proposed to be issued,
<br />Ohio;
<br />NOW, THEREFQRE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Section l. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $65,000 for the purpose of paying the
<br />City's portion of the cost of i.mproving Great Northern Boulevard froqn Lorain Road
<br />to Brookpaxk Road by grading, draining, curbing and pa,ving with concrete, to-
<br />gether w3.th all necessary appurtenances thereto, and including the acquisition of
<br />right-of-way.
<br />Section 2. Said bonds shall be issued in the principal amount of $65,000
<br />for the purpose aforesaid. The said bonds shall be dated June 1, 1968, shall be
<br />issued in the denamination of $5,000 each, sha11 be numbered fraqn 1 to 13, both
<br />inclusive, and shall bear interest at the rate of five per centum (5%) per an.num,
<br />payable semi-annually on the first day of June and the first day of December of
<br />each year beginuing June l, 1969, until the principal sum is paid, as evidenced
<br />by the coupons attached thereto; provided, however, that if the bonds are sold
<br />bearing a different rate of interest than herein specified, such bonds sha,ll
<br />bear sueh rate of interest as may be provided in the resolution of Council approv-
<br />ing the award thereof. Such bonds shall matuxe in their consecutive serial order
<br />as follows:
<br />$5,000 on December 1 in each of the years from 1969 to 1981, inclusive;
<br />which ma'turities are hereby determined to be in substantially equal annual install-
<br />ments.
<br />Section 3. Said bonds shall be executed b;
<br />and shall bear the corporate seal of said City.
<br />bonds shall bear the facsimile signature of the
<br />lithographed thereon. They shall be designated
<br />ment Bonds", and shall be pa,yable in lawftzl mon,
<br />at the main office of The Nationr:.l C3ty Bank of
<br />the Mayor and Director of Finance
<br />Interest coupons attached to said
<br />Director of Finanee printed or
<br />"Great Northern Boulevard Improve-
<br />y of the United States of America
<br />Cleveland, Cleveland, Ohio.
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