69-090 Ordinance - Laserfiche WebLink

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CITY OF NORTH OIVISTED ORDTNANCE N0. BY : • O? ,.? AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN 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 BETWEEN CERTAIN TERMLCPtI BY INSTALLING A STORM SEWER AND NECESSA.RY APPUftI'ENANCES, AND DECLARING AN EMERGENCY. WHEREAS, Council has heretofore in Resolution No. 65-276, passed November 16, 1965, declared the necessity of constructing the improvement described in Section 1 hexeof; and WHEREAS, a$28,100 note was issued pursuant to Ordinance No. 68-210 in anti- cipation of the bonds herein suthorized and is about to mature; and WHEREAS, the Director 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; NOWJP THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olxnsted., Ohio, in the principal sum of $25,800 in anticipatian of the collection of special assessments heretofore levied to pay the property owners' portion and also to pay the City's portion of the cost of i.mproving Southern Avenue f'rom the ditch east of Burns Road westerly to a point approximately 120 feet east of MeKenzie Road by installing a storm sewer and necessary appurtenances. Of said amount, the property owners' portion is $23,525 and the City's portion is $2,275• Section 2. Said bonds shall be issued in the principal amount of $25,800 for the purpose aforesaid. The said bonds shall be dated May l, 1969, shall be issued in the denomination of $1000 each, exeept bond No. 1 which shall be of the denamination of $800, sha.ll be numbered from 1 to 26, both inclusive, and shall bear 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 Decem- ber of eaeh year, beginning December 1, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, hotaever, 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 shall mature in their consecutive serial order as follows: $2,800 on December 1, 1970; t3,000 on December 1 in each of the years 1971 to 1975, inclusive; and $2,000 on December 1 in each of the years from 1976 to 1979, inclusive; which maturities are hereby determined to be in sub- stantially equal annu.al installments. - 1 -