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BY
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE
<br />TN ANTICIPATION QF THE LEVY OF SPECIAL ASSESSMENTS
<br />AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY
<br />THE PROPERTY OWNERS' PORTION AND THE GITY'S PORTION
<br />OF THE COST OF IMPROVING DOVER CENTER ROAD AND
<br />CERTAIN OTHER STREETS AND PUBLIC EASEMENTS BY CON-
<br />STRUGTING SAIVITARY SEWERS, SEWER CURB CONNEGTIONS
<br />AND NECESSARY APPURTENANCES, INCLUDING NECESSARY
<br />STREET RESURFACING AND RESTORATION OF DRAINAGE
<br />FACILITIES (CONTRACT N0. 12), AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, the Council of the City of North 0lmsted has heretofore by proper
<br />legislation declared the necessity of constructing the improvement described in
<br />Section 1 of this ordinance; and
<br />WHEREAS, Council, based upon actual construction bids received and estimates
<br />of other costs, has found and determined that the total estimated cost of said
<br />improvement will not be less than $1,870,000;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1: That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,870,000 for the purpose of paying,
<br />in anticipation of the collection of special assessments, the property owners'
<br />portion, and also to pay the City's portion of the cost of improving Dover Center
<br />Road, Porter Road, M,artin Drive, North Park Drive, East Park Drive, Sdest Park
<br />Drive, Douglas Drive, Alden Drive, Evergreen Drive, Willet Drive, Broxbourne
<br />Road, Wellesley Avenue, Whitehaven Avenue, Elmhurst Road, Lorain Road, Ranchview
<br />Avenue, West Ra.nchview Avenue, and certain public easements between certain
<br />termini by constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, including a force main and sewage lif't station, necessary street
<br />resurfacing and restoration of drainage facilities, all as provided in Resolution
<br />No. 68-142, adopted September 3, 1968. Of said amount, the property owners'
<br />portion is $774,435 and the City's portion is $1,095,565•
<br />Section 2: That said bonds shall be dated approximately February l, 1970,
<br />shall bear interest at the estimated rate of five per centum (5%) per annum,
<br />payable semi-annually, u.ntil the principal sum is paid, and shall mature in
<br />twenty substantially equal annual installments after their issuance.
<br />Section 3: That for the purpose of raising money in anticipation of the
<br />levy and collection of special assessments and of the issuance of the aforesaid
<br />bonds to pay the property owners' portion and the City's portion of the cost of
<br />the above described improvement, it is hereby declared necessary to issue and
<br />there shall be issued a note of said City in the principal amount of $1,870,000.
<br />Section 4: That such anticipatory note in the amount aforesaid shall bear
<br />interest at such rate not exceeding five per centum (5°fo) per annum, as may be
<br />fixed by the Director of Finance in his award of said note at private sale, such
<br />interest to be payable at maturity. Such note shall be dated as of the date of
<br />issuance and shall mature on or before one year from said date.
<br />Section 5: Such note shall be signed by the Mayor and Director of Finance
<br />and bear -the seal of the corporation. It shall be payable at the office of the
<br />Director of Finance of the City of Nor-th Olmsted, North 0lmsted, Ohio, and shall
<br />express upon its face the purpose for which it is issued and that it is issued
<br />pursuant to this ordinance.
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