79-061 Ordinance - Laserfiche WebLink

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_ ? . ,.., 'k w, CITY OF NORTH OLMSTED ? ? ORDINANCE N0. 79- 61 BY: . ?J AN ORDINANCE TO PROVIDE FOR TI-IE ISSUANCE OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMQNTS AND IN ANT'ICIPATION OF 'IHE ISSUANCE OF BONDS TO PAY TFiE PROPERTY OWNERS' PORTION OF THE COST OF IMPROVING MILL ROAD BY CONSTRUCTING A CONCRETE SIDEWALK, AND DECLARING AN EMERGENCY. WHEREAS, this Coi,mcil has determined that the property owners' portion of the cost of constructing a concrete sidewalk on the south side of Mill Road between Porter Road and Dover Center Road shall be financed by the issuance of the special assessment bond anticipation notes herein authorized; and WHEREAS, the fiscal officer has certified to the maximwn maturity of the bonds anticipated and to the notes herein authorized; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF TIiE CITY OF NORTH OLMSTED, C[JYAHOGA COtT1VTY, OHIO: SECTION 1: That it is hereby declared necessary to issue bonds of the City of Nort Olmsted in the principal swn of $12,500.00 for the purpose of paying the property owners' portion, in anticipation of the collection of special assess- ments, of the cost of improving Mill Road from Porter Road to Dover Center Road by constructing a concrete sidewalk on the south side of said street in accordance with Resolution No. 77-29, adopted March 1, 1977. SECTION 2: That said bonds shall be dated approxima.tely September 1, 1979, shall bear interest at the estimated rate of six per centwn (60) per annum, payable semi-annually, until the principal swn is paid, and shall ma.ture in ten 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 prineipal amotmt of $12,500.00. SECTION 4: That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding eight per centwn (80) per anntun, such interest to be payable at maturity, and ma.y bear interest after maturity at a rate not exceeding eight per centwn (8%) per annum, all as may be fixed by the Director o.f Finance in his award of said notes at private sale. Such notes shall be dated the date of their issuance, shall mature on or before one year from date, and shall be in such denomina- tions as are reauested by the purcha.ser. 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, sha.ll 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 rema.ining in the improvement fund after the costs and expenses of said improvement ha.ve been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for.