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? s i. . m? CITY OF NORTH OLMSTED ORDINANCE N0. 81- 88 By; Mr. Wilamosky ? AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN ANTI- CIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF PAYING THE PROPERTY OWNERS' PORTION OF THE COST OF CONSTRUCTING SIDEWALKS AT SUNDRY LOCATIONS IN THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, a$100,000 note was issued pursuant to Ordina.nce No. 81-54 in anticipation of the bonds herein authorized, which note is about to mature; and WHEREAS, the Director of Finance, as fiscal officer, has certified to the maximum maturity of the bonds proposed to be issued and as to the estimated life of the improvements so constructed, which maximum maturity may not exceed the five year period provided for the collection of said assessments; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. It is necessary to issue bonds of the City of North Olmsted in the principal sum of $64,145 to pay the property owners' portion, in anticipation of the collection of special assessments heretofore levied, of the cost of constructing, replacing and repairing concrete sidewalks at sundry locations in the City in the manner provided and at the locations specified in Resolution Nos. 76-186 and 76-187, adopted January 18, 1977, where such sidewalks had not been constructed, replaced or repaired by the abutting property owners pursuant to the option contained in such resolution. Such bonds shall be issued in one lot and notes have been issued in antici- pation of the issuance of such bonds. Section 2. Said bonds shall be dated September 1, 1981; shall be issued in coupon or fully registered form as may be requested by the purchaser thereof, shall be numbered from 1 to 64, both inclusive, with bond No. 1 being of the denomination of $1,145 and bond Nos. 2 to 64, inclusive, being of the denomination of $1,000 each, but, if the purchaser shall so elect, shall be issued as a single bond without coupons and registered as to both principal and interest; and shall bear interest at the rate of ten per centum (10%) per annum, payable annually on the first day of December of each year, beginning December 1, 1982, until the principal sum is paid; 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 reso- lution of Council approving the award thereof. Such bonds shall mature as follows: $12,145 on December 1, 1982; and $13,000 on December 1 in each of the years from 1983 to 1986, inclusive; which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall be eaiecuted by the Mayor and by the Director of Finance, one of whose signatures may be a facsimile signature, and shall bear the corporate seal of said City. If coupon bonds are issued,