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<br />CITY OF IVORTH OIMSTED
<br />ORDINANCE N0.
<br />BY
<br />AN OKDINANCE AUTHORIZING TfE ISSUANCE OF BONDS IN
<br />ANTICIPATION OF THE COLLECTION OF SPECIAI, ASSESS-
<br />MENTS TO PAY THE PROPERTY OWiVERS' PORTION AND ALSO
<br />TO PAY TF3E C Il'Y' S PORTI ON OF TfE COST OF INNIPROVING
<br />DOVFfR CENTER ROAD AND CERTAIN OTFiER STREET9 BY
<br />CONSTRUCTING SIDEWAIxS, AND DECLARING AN IlMERGENCY.
<br />WHERF,AS, Council has heretofore declared the necessity of constructing the
<br />sidewalk improvements described in Section 1 hereof; and
<br />WHEREAS, a$28,100 note and a$9,600 note were issued pursuant to Ordinance
<br />No. 68-171 and Ordinance No. 68-184, respectively, in anticipation of the bonds
<br />herein authorized and are about to mature; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has here-
<br />tofore certified the estimated life of the improvements and the maximum maturity
<br />of the bonds proposed to be issued;
<br />NOW, THEREFORE, BE IT ORDA.INID by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessaxy to issue bonds of the City
<br />of North Olmsted, Ohio, in the principal sum of $27,400 in anticipation of the
<br />collection of special assessments heretofore levied to pay the property owners'
<br />portion and also to pay the City's portion of the cost of constructing sidewalks
<br />on Dover Center Road and Kennedy R:idge Road in accordance with Resolution No.
<br />66-150 and on David Drive, Tree Lane, Woodview Drive, Sharon Drive, Delmere Drive,
<br />Forest Ridge, Park Ridge, Fawn Drive, Chase Drive, Dawn Drive and Deerfield Drive
<br />in accordance with Resolution No. 67-101. Of said amount the property owners'
<br />portion is $20,650 and the City's portion is $6,750.
<br />Section 2. Said bonds shall be issued in the principa,l amount of $27,400
<br />for the purpose aforesaid. The said bonds shall be dated May l, 1969, shall be
<br />issued in the denomination of $1000 each, except bond No. 1 which shall be of
<br />the denomination of $400, shall be numbered from 1 to 28, both inclusive, and
<br />shall bear interest at the rate of five and one-half per centum (5-1/2%) per
<br />annun, payable semi-annually on the first day of June and the first day of
<br />December of each year, beginning December 1, 1969, until the principal sum is
<br />paid, as evidenced by the coupons attached thereto; provided, however, that if
<br />the bonds are sold bearing a different rate of interest than herein specified,
<br />such bonds shall bear such rate of interest as may be provided in the resolution
<br />of Council approving the award thereof. Such bonds shall mature in their consecu-
<br />tive serial order as follows: $5,400 on December 1, 1970; $5,000 on December 1
<br />in each of the years 1971 and 1972, and $6,000 on December 1 in each of the years
<br />1973 and 1974; which matur3.ties are hereby determined to be in substantially equal
<br />annual installments.
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