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<br />CITY OF NORTS OIMTED
<br />O1MINANCE N0. "?g
<br />DY EQ
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES
<br />IN ANTICIPATION OF TiiE ISSUANCE OF BONDS TO PAY THE
<br />CITY'S PORTION OF THE COST OF IlMPROVING PORTER ROAD
<br />AND CERTAIN OTHER STREETS AND PUBLIC EASENSFNTS BY
<br />CONSTRUCTING SArTITARY SEWERS., SEWER CURB COIQNECTIONS
<br />AND NECESgAF{y AppURTENANCES, INCLUDING STREET RE-
<br />SURFACING AND RESTORATION OF DRAINAGE FACILITIES
<br />(CONTRACT 11), AND DECLAItING AN IIMERGIIVCY.
<br />WHEREAS, this Council by Ord.ina.nce No. 68-122 authorized the issuax?ce of
<br />notes in the aggregate amount of $616,100 to pay the estimated property owners'
<br />portion ($138,634) and the estimated City's portion0477,466) of the cost of
<br />the i.mprovement described in Section 1 of this ord.inance; and
<br />WBERF',AS, pursua,nt to said ordinance a note in the amount of $529, 40o wa.s
<br />issued, which note matures on December 27, 1969; and
<br />yJHEREAS, Council has determined to issue separate renewal notes for the
<br />property owners' portion and the City's portion of the eost of said improvement,
<br />the proceeds of which will be used to retire the outstanding note at its maturity;
<br />NOW., THEREFORE, BE IT OIMi°?INED BY 'rAE COUNCIL OF '1HE G'.LTY OF NORTH OLMSTED,
<br />CUYAHOGA COtTN'I'Y,, OHI O :
<br />Section l. That it is hereby declared necessary to issue bonds of the City
<br />of North 0lmsted in the principal sum of $390.,000 for the purpose of paying the
<br />City's portion of the cost of constructing san3tary sewers, sewer curb connections
<br />and necessary appurtenances, including necessary street resurfacing and restora.tion
<br />of dxainage facilities in Porter Road, Martin Drive, Jenkins Road and easement over
<br />to Lansing Drive, Lansixg Drive, North Park Drive and easement to Sherwood Estates
<br />treatment plant, Oring Road, and a trunk sewer in public easements running frwn a
<br />point in Porter Road 548 feet northwesterly of Martin Drive northerly and easterly
<br />approximately 4,728 feet to the Dover Center Lift Station, as provided in Resolu-
<br />tion No. 68-84, adopted May 21, 1968.
<br />Section 2. That sa3.d bonds shall be dated approximately December ]., 1970,
<br />shall bear interest at the estimated rate of seven per centum (7%) per annum)
<br />payable semi-annually, until the principal sum is paid, and shall mature in twenty
<br />substantially equal installments after their issuance.
<br />Section 3. That fox the purpose of raising money in antieipation of the
<br />issuance of the aforesaid b onds for the above described improvement, and to retire
<br />the Cityts portion of t.he aforesaid outstanding note, it is hereby declared neces-
<br />sary to issue a.nd there shall be issued notes of said City in the principal amount
<br />of $390,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall bear
<br />interest at such rate not exceedin,g eight per centun per annum as may be fixed
<br />by the Director of Finance in his award of said notes at private sale, such interest
<br />to be pa.yable at maturity, and may beax a penalty ra,te of interest if default is
<br />ma,de in payment of the nbtes at maturity. Said notes shall be dated as of the date
<br />of 3ssu,ance a.nd shall mature one year frm such date. Said notes shall be signed
<br />by the Mayor and by the Director of Finance, shall bear the corporate seal of the
<br />City, shall be payable at the office of The National City Bank of Cleveland.,
<br />Cleveland, Ohio., and shall express on their face the purpose for which they are
<br />issued and that they are issued pursuant to this ordinance. Sa3.d notes shall be
<br />in such niunber and denom3,nation as may be requested by the purchaser and may be
<br />payable in Federal Reserve funds of the United States of America if requested by
<br />the purchaser.
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