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<br />A
<br />CITY OF NORTH OIMSTED
<br />ORDINANCE N0. ??
<br />BY _
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE
<br />IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS
<br />AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY
<br />TfE PROPERTY OWNERS' AND TFiE CITY'S PORTIONS OF THE
<br />COST OF IMPROVING GREAT NORMRN BOULEVAR[7 BY
<br />INSTALLING STORM AND SANITARY SEWERS? WATER MAIN,
<br />SEWER AND WATER CURB CONNECTIOIdS TOGETHER WITH ALL
<br />NECESSARY APPU,RTMNCES THERETO,, AND DECLARING AN
<br />ENIERGIIVCY.
<br />WHEREAS, pursuant to Ordinance No. 67-105 passed Ma.rch 21, 1967, a note in
<br />the amount of $11+2,500 and dated June l, 1967 was heretofore issued for the
<br />purpose hereinafter mentioned, which note matures June 1, 1968; and
<br />WHEREAS, this Council has now determined to issue a new note and retire the
<br />presently outstanding note with the proceeds thereof; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum ma,turity
<br />of such bonds to be five years, and of such notes to be five years frcam the date
<br />of the issua.nce of the original note, to wit: June l, 1972) if publicly sold,
<br />or one year if sold at private sa1e;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Sect3on l: That 3t is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $11+2,500 for the purpose of paying,
<br />in a.nticipation of the collection of special assessments, the property owners'
<br />portion, and also to pay the City's portion of the cost of improving Great
<br />Northern Boulevard fran Lorain Road to Brookpark Road by installing storm and
<br />sanitary sewers, water main, a,nd sewer and water curb connections, together with
<br />all necessary appurtenances thereto, as provided in Resolution No. 67-8, adopted
<br />January 3, 1967. Ot' sai.d amc7unt, the property owners' portion is $7.10,840 and
<br />the City's portion is $31,660.
<br />Section 2: That said bonds shall be dated approximately April 1, 1969;
<br />shall bear interest at the estimated rate of four per centum (4°6) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in
<br />twenty substantially equal annual installments after their issuance.
<br />Section 3: '1'hat for the purpose of raising money in anticipation of the
<br />levy and collection of special assessments a,nd of the issuance of the aforesa3d
<br />bonds for the above described improvement and to retire the outstanding note,
<br />it is hereby declared necessary to issue and there shall be issued a note of said
<br />City in the principal amount of $142, 500.
<br />Seetion 4: That such anticipatory note in the amount aforesaid shall bear
<br />interest at the rate of four per centum (4%) per annum, such interest to be
<br />payable at maturity. Such note shall be dated Jurie 1, 1968 and shall mature
<br />on or before June l, 1969.
<br />Section 5: Such note shall be executed by the Mayor and Director of Finance
<br />ancl bear the seal of the corporation. It shall be payable at the office of The
<br />National City Ba.nk of Clevelancl, Cleveland, Ohio, and sha11 express upon its face
<br />the purpose for which it is issued and that it is issued pursuant to this ordinance.
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