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<br />CITY OF NORTH OLMSTED, OHIO
<br />ORDINANCE N0. : 81 - 108
<br />BY: ,2&L -?/&?
<br />AN ORDINANCE AMENDING SECTIONS 1 AND 2 OF ORDINANCE N0. 81-88,
<br />PASSED JULY 7, 1981, WIiICH PROVIDED FOR THE ISSUANCE OF SIDE-
<br />WALK IMPROVEMENT BONDS IN THE AMOUNT OF $64,145 TO REVISE THE
<br />PRINCIPAL AMOUNT OF BONDS AUTHORIZED TfiEREBY, THE ESTIMATED
<br />INTEREST RATE AND THE MATURITY SCHEDULE
<br />WHEREAS, this Council passed Ordinance No. 81-88 providing for
<br />the issuance of bonds in the principal amount of $64,145, to pay the
<br />property owners' portion, in anticipation of the collection of special
<br />assessments heretofore levied, of the cost of constructing, replacing
<br />and repairing concrete sidewalks at sundry locations in the City; and
<br />LdfiEREAS, the net unpaid assessments that will be certified to
<br />the County Auditor are in the amount of $22,106.46, this Council finds
<br />and determines it to be necessary to amend Sections 1 and 2 of the
<br />aforesaid Ordinance No. 81-88, so as to reduce the amount of the bonds
<br />authorized thereby and to change certain of the terms and provisions of
<br />said bonds to enable their sale;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />North Olmsted, Cuyahoga County, Ohio:
<br />SECTION 1. That Sections 1 and 2 of Ordinance No. 81-88 passed
<br />by this Council on July 7, 1981, are hereby amended to read as follows:
<br />"Section 1. It is necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $22,100
<br />to pay the property owners' portion, in anticipation
<br />of the collection of special assessments heretofore
<br />levied, of the cost of constructing, replacing and
<br />repairing concrete sidewalks at sundry locations in
<br />the City in the manner provided and at the locations
<br />specified in Resolution Nos. 76-186 and 76-187, adopted
<br />January 18, 1977, where such sidewalks had not been
<br />constructed, replaced or repaired by the abutting
<br />property owners pursuant to the option contained in
<br />such resolutions. Such bonds shall be issued in one
<br />lot and notes have been issued in anticipation of the
<br />issuance of such bonds.
<br />"Section 2. Said bonds shall be dated September l,
<br />1981, shall be issued in coupon or fully registered
<br />form as may be requested by the purchaser thereof,
<br />shall be numbered from 1 to 5, both inclusive, shall
<br />be issued in the denomination of $4,420 each, but, if
<br />the purchaser shall so elect, shall be issued as a
<br />single bond without coupons and registered as to both
<br />principal and interest, and shall bear interest at the
<br />rate of twelve per centum (12%) per annum, payable
<br />annually on the first day of December of each year,
<br />beginning December l, 1982, until the principal sum is
<br />paid; provided, however, that if said bonds are sold
<br />bearing a different rate of interest than hereinbefore
<br />specif ied, then said bonds shall bear such rate of
<br />interest as may be provided in the resolution or
<br />ordinance of Council approving the award thereof.
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