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I • " -' IL CITY OF NORTH OLMSTED ORDINANCE N0. 69-14) ?? 1_ AN ORDINANCE AUTHORIZING TfE ISSUANCE OF A NO'rE IN ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY .AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY THE PROPERTY OWNERS' PORTION AND ALSO TO PAY THE CITY'S PORTION OF THE COST OF IMPROVING SOUTHERN AVENUE, DECKER ROAD AND MIDVALE AVENUE BETWEEN CERTAIN TERMIIVI BY GRADING, DRAIIVING, CURBING, PAVING, GONSTRUCTING SIDEWALKS, AND INSTALLING SAN.CTARY SEWER, STORM SEWER AND WATER G'[JRB CONNEC- TIONS WHERE NECESSARY, AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the improvement de- scribed in Section 1 hereof; and WHEREA.S, the fiscal officer of the City has certified the maximum matuxity of such bonds to be ten years, and of such notes to be five years if sold publicly or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $174,189.00in anticipation of the collection of special assessments to pay the property owners' portion, and also to pay the City's portion of the cost of improving Southern Avenue, Decker Road and Midvale Avenue by grading, draining, curbing, paving, con- structing sidewalks, and installing sanitary sewer, storm sewer and water curb connections between the termini and in the manner provided by Resolution No. 68-137, adopted August 13, 1968. Of said amount, the property owners' portion is $88?121.95 and the City's portion is $86,067.05. Section 2. That said bonds shall be dated approximately Janusxy l, 1970, shall bear interest at the estimated rate of five and one half per centum (5-1/2°fo) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issu- ance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation of the levy and collection of special assessments for the above described improvement, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $174,189.00. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding five per centum per annum as may be fixed by the Director of Finance in his award of said note at private sale, such interest to be payable at ma.turity. Said note shall be dated as of the date of issuance and shall mature on or before one year from such date. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5. Subject to the rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note sha11 be sold by the Director of Finance at private sale at an interest rate not ex- ceeding five per eentum per annum. The proceeds frarn such sale, except any premium and accrued interest, sha11 be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposa.ted in the Bond Retirement Fund.