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01/07/1964 Meeting Minutes
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01/07/1964 Meeting Minutes
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1/15/2014 3:47:53 PM
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North Olmsted Legislation
Legislation Date
1/7/1964
Year
1964
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CERTIFICATE OF ADDITIONAL COSTS <br />TO THE COUNCIL OF TFiE CITY OF <br />NORTH OLMS.I'FD, OHIO North Olmsted, Ohio <br />North Olmsted, Ohio <br />January 7 , i964 <br />The City has presently outstanding a, Sewer Improvement Assessment Note <br />in the am4unt of $1,300,000 issued in anticipation of the levy of assessments <br />and issuance of bonds to pay the assessable portion of the cost of constructing <br />sanitary sewers under Contracts 41 4 A, 5, 6 and 8. Said note will mature on <br />February l,, 1964. Because of existirg ecintraet litigation, it is iznpossible <br />at the present time to determi.ne final ccrsts nor accordingly to prepare the <br />list of assessments preliminary to the asisessment proeeedings and issua,nce of <br />bonds. Therefore, it becomes again necessary for Couneil to provide for the <br />issuance of notes to renew and retire suc:h maturi.ng note issue. <br />In addition, the City has incurred in connection with the project and <br />with the note financing thereof the follcjwing costs, subsequent to the original <br />note issue of February l, 1962, and the c>riginal cost estimates on which such <br />financing was ba.sed, to-wit: <br />Additional engineering $ 5,439•45 <br />1 year interest on note 23,400.00 <br />Additional payments to <br />contractor for contract No. 8 31,160.55 <br />$60,000.00 <br />A:Ll such additional costs are proper charges to the capital cost of said project <br />and as such axe properly to be included :in the costs which will be assessed to bene- <br />fited property. It is therefore my reeornmendation that such additional costs of <br />$60.,000 be met out of additiona.l note bo:rrowing in anticipation of the levy of <br />assessments and issuance of bonds, and t:hat said siun be added to the renewal note <br />issue hereinabove requested. <br />Respeetfully submitted, <br />? ? . _- <br />Direetor 'of Fina.nee
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