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CITY OF NORTH OLMSTED ORDINANCE N0. 80 ~- 54 AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF NORTH OLMSTED IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF PAYING THE PROPERTY OWNERS' PORTION OF THE COST OF IMPROVING MILL ROAD BY CONSTRUCTING A CONCRETE SIDEWALK, AND DECLARING AN EMERGENCY, AS AMENDED. WHEREAS, the Director of Finance, as fiscal officer of this City, has heretofore certified the estimated life of the improvement and the maximum maturity of the bonds proposed to be issued; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $6,860 in anticipation of the collection of special assessments heretofore levied for the purpose of paying the property owners' portion 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. Section 2. Said bonds shall be dated June 1, 1980; shall be issued in coupon or fully registered form as may be requested by the purchaser thereof, shall be numbered from 1 to 10, both inclusive, of the denomination of $686 each, but, if the purchaser shall so elect, shall be issued as a single bond without coupons and registered as to both principal and interest; and shall bear interest at the rate of ten per centum (10%) per annum, payable annually on the first day of December of each year, beginning December 1, 1981, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $686 on December 1 in each of the years from 1981 to 1990, inclusive Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City or a facsimile thereof, provided that one of such signatures may be a facsimile signature. If coupon bonds are issued, the coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. Said bonds shall be payable in lawful money of the United States of America at the office of the Director of Finance of the City of North Olmsted, Ohio., the interest to be payable upon presentation and surrender of the proper interest coupons which shall be attached to said bonds or upon the presentation of the bond for the proper credit of interest if issued without coupons; provided, however, that the City shall have the right to make payment of such principal and interest by draft or check mailed or otherwise delivered to the person, corporation or firm appearing by the records of the City to the owner thereof.