77-095 Ordinance - Laserfiche WebLink

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Q' . ~" .'wry. < CITY OF NORTH OLMSTED BY ORDINANCE N0. - 3"'~ G%~ ~~ AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION OF THE COST OF CONSTRUCTING, REPLACING AND REPAIRING CONCRETE SIDEWALKS AT SUNDRY LOCATIONS IN THE CITY, AND DECLARING AN EMERGENCY,, AS AMENDED. WHEREAS, this Council has heretofore by proper legislation declared the necessity of constructing, replacing and repairing concrete sidewalks at sundry locations in the City, and has determined that the property owners' portion of the cost of such sidewalks shall be financed by the issuance of the bond anticipation notes herein authorized; and WHEREAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOW, 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 Olmsted in the principal sum of $ 110,000. for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments, of the cost of constructing, replacing and repairing concrete sidewalks at the locations specified in Resolution Nos. 76-186 and 76-187, adopted January 18, 1977, where such sidewalks have not been constructed, replaced or repaired by the abutting property owners pursuant to the option contained in such resolutions. Section 2. That said bonds shall be dated approximately September 1, 1978, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvement, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $ 110,000- . Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding six per centum (6%) per annum, such interest to be payable at maturity, and may bear interest after maturity at a rate not exceeding eight per centum (8%) per annum, all as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated the date of their issuance, shall mature one year from date, and shall be in such denominations as are requested by the purchaser. Section 5. Such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of National City Bank, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the pay- ment of said notes and the interest thereon until both are fully provided for.