69-088 Ordinance - Laserfiche WebLink

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? CITY OF NORTH OLMSTED ORDINANCE N0. BY AN ORDINANCE AUTHORIZING THE ISSUANG`E OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESS- MENTS TO PAY THE PROPERTY OWNERS' PORT20N AND ALSO TO PAY THE CITY'S PORTION OF THE COST OF INIPROVING GREAT NORTHERN BOULEVARD BETWEEN CERTAIN TERMIIVI BY INSTALLING STOFM AND SAIVITARY SEWERS AND WATER MAIN, AND DECLARING AN EMERGENCY. WHEREAS, Council has heretofore in Resolution No. 67-18, passed .Tanuary 3, 1967, declared the necessity of constructing the improvement described in Section 1 hereof; and WfEREAS, a$l?+2,500 note was issued pursuant to Ordinance No. 68-85 in anticipation of the bonds herein authorized and is about to mature; and WHEREAS, the nirector of Finance, as fiscal officer of this City, has here- tofore certified the estimated life of the improvement and the maximum maturity of the bonds proposed to be issued; NOW, THEREFORE, BE IT nEDAINED by the Cou.ncil 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 07msted, Ohio, in the principal sum of $131,700 in anticipation of the collection of special assessments heretofore levied to pa.y the property owners' portion and also to pay the City's portion of the cost of improving Great Northern Boulevard from Lorain Road to Brookpark Road by installing storm and sanitary sewers and water main, sewer and water curb connections, together with all necessary appurtenances. Of said amount the property owners' portion is $94,900 and the City's portion is $36,800. Section 2. Said bonds shall be issued in the principal amount of $131,700 for the purpose aforesaid. The said bonds shall be dated May 1, 1969, shall be issued in the denomination of $1000 each, except bond No. 1 which shall be of the denomination of $700, shall be numbered from 1 to 132, both inclusive, and shall beax interest at the rate of five and one-half per centum (5-1/2%) per annum,, payable semi-annually on the first day of June and the first day of December of each year, beginning December l, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shal], mature in their eonsecu- tive serial order as follows; $6.,700 on Decem'ber l, 1970; $6,000 on December 1 in each of the yeaxs fram 1971 to 1978, inclusive, and $7,000 on December 1 in each of the years fram 1979 to 1989, inclusive; which maturities are hereby deter- mined to be in substantially equal annual installments. - 1 -