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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: RO-7~
<br />BY: MRS. SARINGER
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE LEVY AND COLLECTION OF SPECIAL
<br />ASSESSMENTS AND OF THE ISSUANCE OF BONDS TO PAY THE PROPERTY
<br />OWNERS' PORTION OF THE COST OF CONSTRUCTING, REPLACING AND
<br />REPAIRING CONCRETE SIDEWALKS AT SUNDRY LOCATIONS IN THE
<br />CITY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 77-95 passed July 5, 1977, a
<br />note in anticipation of the levy and collection of special assessments and
<br />of the issuance of bonds in the amount of $110,000, dated August 1, 1977,
<br />was issued for the purpose hereinafter stated, which was retired at maturity
<br />with the proceeds of a $110,000 note dated August 1, 1978, issued in
<br />anticipation of the levy and collection of special assessments and the
<br />issuance of bonds pursuant to Ordinance No. 78-88 passed July 18, 1978,
<br />which was also retired at maturity with the proceeds of a $110,000 note
<br />dated August 1, 1979, issued in anticipation of the levy and collection
<br />of special assessments and the issuance of bonds pursuant to Ordinance No.
<br />79-101, passed July 17, 1979, which note will mature on August 1, 1980;
<br />and
<br />WHEREAS, this Council hereby finds and determines it to be in the
<br />best interest of the City to retire at maturity the outstanding note with
<br />the proceeds of the notes herein authorized; and
<br />WHEREAS, the Council of the City of North Olmsted has heretofore
<br />by proper legislation declared the necessity of improving concrete sidewalks
<br />at sundry locations in the City in the manner hereinafter set forth; and
<br />WHEREAS, the Director of Finance as fiscal officer has certified
<br />to this Council that the estimated life of the improvement hereinafter
<br />mentioned is at least five years, and that the maximum maturity of the bonds
<br />hereinafter referred to is 5 years, and the maximum maturity of the notes
<br />hereinafter referred to, to be issued in anticipation of said bonds is five
<br />years from the date of the original, to wit: August 1, 1982 if sold
<br />publicly, or one year if sold privately.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds
<br />of the City of North Olmsted in the principal sum of $110,000 in anticipation
<br />of the levy and collection of special assessments to pay the property owner's
<br />portion of the cost of constructing, replacing and repairing concrete
<br />sidewalks at sundry locations in the City in the manner provided and at
<br />the locations specified in Resolution Nos. 76-186 and 76-187, adopted January
<br />18, 1977, where such sidewalks had not been constructed, replaced or repaired
<br />by the abutting property owners pursuant to the option contained in such
<br />resolutions.
<br />SECTION 2. That such bonds shall be dated approximately June 1,
<br />1981, shall bear interest at the estimated rate of seven per centum (7%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in 5 substantially equal annual installments after their issuance.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $110,000 shall
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