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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ? 2
<br />BY ?
<br />?
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVy
<br />AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY THE
<br />PROPERTY OWNERS' PORTION OF THE COST OF IMPROVING
<br />PORTER ROAD AND CERTAIN OTHER STREETS AND PUBLIC
<br />EASEMENTS BY CONSTRUCTING SANITARy SEWERS, SEWER CURB
<br />CONNECTIONS AND NECESSARY APPURTENANCES, INCLUDING
<br />STREET RESURE'ACING AND RESTORATION OF DRAINAGE FACIL-
<br />ITIES (CONTRACT 11), AND DECLARING AN ENIERGENCy.
<br />WHEREAS, this Council by Ordinance No. 68-1.22 authorized the issuance of notes
<br />in the aggregate amount of $616,100 to pay the estimated property owners' portion
<br />($138,634) and the estimated City's portion ($1+77,1+66) of the cost of the improve-
<br />ment described in Section 1 of this ordina,nce; and
<br />WHEREAS, pursuant to said ordinance a note in the amount of $529,40o was
<br />issued, which note matures on December 27, 1969; a.nd
<br />WHEREAS, Council has determined to issue sepa,rate renewal notes for the property
<br />owners' portion and the City's portion of the cost of said improvement, the proceeds
<br />of which will be used to retire the outstanding note at its maturity;
<br />WfEREAS, the fiscal officer of the City has certified the maximum maturity of
<br />bonds and notes for said improvement;
<br />NOW? THEREFORE? BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l. That it is hereby decla,red necessary to issue bonds of the City
<br />of North Olmsted in the principal sum ot' $138,600 for the purpose of paying, in
<br />anticipation of the collection of special assessments, the property owners' portion
<br />of the cost of constructing sanitary sewers, sewer curb connections and necessa'ty
<br />appurtenances, including necessary street resurfacing and restoration of dra.inage
<br />facilities in Porter Road, Martin Drive, Jenkins Road and easement over to Lansing
<br />Drive, Lansing Drive, North Park Dr3.ve a,nd easement to Sherwood. Estates treatment
<br />plant, Oring Road, and a trunk sewer 3.n public easements running frcan a point in
<br />Porter Road 548 feet northwesterly of Martin Drive northerly and easterly ap-
<br />proximately 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 said bonds shall be dated approximately August 1, 1970)
<br />shall bear interest at the estimated rate of seven per centum (7%) per a,nnum,
<br />payable semi-annua,lly, until the principal sum is paid, and shall mature in twenty
<br />substantially equal installments after their issuance.
<br />Section 3. That for the puxpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and in anticipation of the levy and col.lection of
<br />special assessments for the above described improvement, and to retire the property
<br />owners' portion of the aforesaid outstanding note, it is hereby declaxed necessary
<br />to issue and there shall be issued a note of said City in the principal amount of
<br />$138,600.
<br />Section 4. That such a.nticipatory note in the amount aforesaid shall bear
<br />interest at such rate not exceeding eigkit per centum per annum as may be fixed by
<br />the Director of Finance in his awa,rd of said note at private sale, such interest
<br />to be paya.ble at maturity. Said note shall be dated December 27, 1969 and shall
<br />mature on or before December 27, 1970. Said note shall be signed by the Mayor and
<br />by the Direetor of Finance, shall bear the corporate seal of the City, shall be
<br />payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and
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