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CITY OF NORTH OLMSTED
<br />ORDINANCE N07~/~D
<br />a. :.~
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR
<br />THE PURPOSE OF PAYING THE CITY'S PORTION OF THE COST
<br />OF IMPROVING COLUMBIA ROAD AND CERTAIN OTHER STREETS
<br />AND EASEMENTS BY CONSTRUCTING SANITARY SEWERS, SEWER
<br />CURB CONNECTIONS AND NECESSARY APPURTENANCES, INCLUDING
<br />A SEWAGE LIFT STATION AND FORCE MAIN, NECESSARY STREET
<br />RESURFACING AND RESTORATTON OF DRAINAGE FACILITIES
<br />(CONTRACT NOS. 15 AND 16), AND DECLARING AN EMERGENCY.
<br />WHEREAS, $1,867,000 of notes were issued pursuant to Ordinance
<br />No. 74-13 in anticipation of the bonds herein authorized, which notes mature
<br />on March 7, 1975: and
<br />WHEREAS, there is available the sum of $22,000 which Council has
<br />determined to apply against the principal amount of the outstanding notes,
<br />and Council has further determined to issue the bonds herein authorized to
<br />provide the remaining funds necessary to retire the outstanding notes at
<br />their maturity; and
<br />WHEREAS, the fiscal officer of the City has certified his estimate
<br />of the life of usefulness of the improvement hereinafter mentioned and the
<br />maximum maturity of bonds;
<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 $1,845,000 for the purpose
<br />of paying the City's portion of the cost of improving Columbia Road, Gassner
<br />Road, Evelyn Drive, Eleanor Drive, Florence Avenue, Root Road, Duane Road,
<br />Silverdale Road, Selhurst Road, Kennedy Ridge Road, Butternut Ridge Road and
<br />certain easements between the termini set forth in Resolution No. 69-177,
<br />adopted October 21, 1969, by constructing sanitary sewers, sewer curb con-
<br />nections and necessary appurtenances, including necessary street resurfacing
<br />and restoration of drainage facilities, said sewer improvement being known as
<br />Contract No. 15, and for the purpose of paying the City's portion of the cost
<br />of improving Bradley Road, Barton Road, Charles Avenue, Lorain Road and certain
<br />easements between the termini set forth in Resolution No. 69-14, adopted
<br />February 14, 1969, by constructing sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including a sewage lift station and force main,
<br />necessary street resurfacing and restoration of drainage facilities, said sewer
<br />improvement being known as Contract No. 16.
<br />Section 2. Said bonds shall be issued in the principal amount of
<br />$1,845,000 for the purpose aforesaid. The said bonds shall be dated March 1,
<br />1975, shall be issued in the denomination of $5,000 each, shall be numbered
<br />from 1 to 369, both inclusive, and shall. bear interest at the rate of seven
<br />per centum (7%) per annum, payable semi-annually on the first day of June and
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