68-079 Ordinance - Laserfiche WebLink

Home Browse Search

CIZ'Y OF NURTFi OLMSTED OHDIIdAPdCE N0. B3`' AN ORDINAIdCE AUTHORIZING THE ISSUANCE OF BONDS BY THE CITY OF NORTH OLMSTEU FOR THE PURPOSE OF PAYING TH:C CITY'S PORTION OF THE COST OF IMPROVING CANTERBURY ROAD AND SWEETBRIAR DRIVE BETWEEN CERTAIN TERMINI BY I1vSTALLING SANITARY SEWERS, SEWER CURB CONNECTIONS AND OTHER NECESSARY APPURTENANCES, AND DECLARING AN EMERGEiVCY. WHEREAS, a note in the amount of $146,371 was authorized pursuant to Ordinance No. 68-56 (renewing a$146,371 note issued pursuant to Ordinance No. 67-99) in anticipation of the bonds herein authorized, which note was issued to pay the property owners' portion and the City's portion of the cost of installing sewers in Canterbury Road and Sweetbriar Drive and is subject to redemption at any time; and WHEREAS, this Council has determined to have separate bond issues for the property owners' portion and the City's portion of the cost of said improvement; and WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto- fore certified the estimated life of the property and the maximum maturity of the bonds proposed to be issued, Ohio: NOW, TIiEREF'ORE, BE Ii ORDAINED by the Council of the City of TJorth Olmsted, Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsteci in the principal sum of $40,860 for the purpose of paying the City's portion of the cost of improving Canterbury Road and Sweetbriar Drive by installing sanitary sewers, sewer curb connections and other necessary appurtenances between the termini and in the manner provided in Resolution No. 66-251, adopted September 20, 1966. Section 2. Said bonds shall be issued in the principal amount of $40,860 for the purpose aforesaid. The said bonds sha11 be dated June l, 1968, shall be issued in the denomination of $1,000 each, except bond No. 1 which shall be in the denomination of $860, sha11 be numbered from 1 to 41, both inclusive, and shall bear interest at the rate of five per centum (5%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning June l, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: ?2,860 on December l, 1969; and $25000 on December 1 in each of the years from 1970 to 1988, inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall beax the facsimile signature of the Director of Finance printed or litha- graphed thereon. They sha11 be designated "Canterbury Road Sewer Bonds", and shall be payable in lawful money of the United States of America at the main office of The iuational City Bank of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to nay the inter- est on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to dischaxge the said serial bonds at maturity, there sha11 be and is hereby levied on all taxable property in the City of Pdorth