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<br /> CITY OF NORTH OLMSTED
<br /> ORDINANCE N0. 76-p.Z,
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<br /> AN ORD ANCE AUTHORIZING THE ISSUANCE OF NOTES
<br /> IN ANTICIPATION OF THE LEVY AND COLLECTION OF
<br /> SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE
<br /> ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS'
<br /> PORTION, AND ALSO TO PAY THE CITY'S PORTION, OF
<br /> THE COST OF REPLACING AND REPAIRING CONCRETE
<br /> SIDEWALKS AT SUNDRY LOCATIONS IN THE CITY, AND
<br /> DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 75-91, passed May 6, 1975,
<br />notes in the amount of $44,000 were issued for the purpose set forth in
<br />Section 1 hereof, which notes mature on July 22, 1976; and
<br />WHEREAS, there is available the sum of $7,000 to be applied against
<br />the principal amount of the outstanding notes and this Council has determined
<br />to issue the $37,000 renewal notes herein authorized, the proceeds of which
<br />will be used to provide the remaining funds to retire the outstanding notes
<br />at maturity; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $37,000 for the purpose of
<br />paying, in anticipation of the collection of special assessments, the property
<br />owners' portion, and also to pay the City's portion of the cost of replacing
<br />and repairing concrete sidewalks at the locations specified in Resolution Nos.
<br />74-114, 74-115, 74-116 and 74-117, adopted July 16, 1974, where such sidewalks
<br />have not been replaced or repaired by the abutting property owners pursuant to
<br />the option contained in such resolutions. Of said amount, the property owners'
<br />portion is $30,000 and the City's portion is $7,000.
<br />Section 2. That said bonds shall be dated approximately September 1,
<br />1976, shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in five substantially equal annual installments after their is-
<br />suance.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the levy and collection of special assessments and of the issuance of the
<br />aforesaid bonds to pay the property owners' portion and the City's portion of
<br />the cost of the above described improvement and providing funds for the re-
<br />tirement of the aforesaid notes maturing July 22, 1976, it is hereby declared
<br />necessary to issue and there shall be issued notes of said City in the principal
<br />amount of $37,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding eight per centum (8%) per annum, payable
<br />at maturity, and at such rate after maturity not exceeding eight per centum (8%)
<br />per annum, as may be fixed by the Director of Finance in his award of said notes
<br />at private sale. Such notes shall be dated July 22, 1976, shall mature on or
<br />before July 21, 1977, and shall be in such denominations as may be requested by
<br />the purchaser.
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