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N <br />? <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92- 48 <br />BY : ?nrn?T?MA_N T TNn <br /> <br />AN ORDINANCF AMENDING SECTION 4 OF ORDINANCE N0. <br />92-29 PROVIDING FOR THE ISSUANCE AND SALE OF <br />$1,400,000 NOTES, IN ANTICIPATION OF THF ISSUANCE <br />OF BONDS, FOR THE PURPOSE OF IMPROVING SILVERDALE <br />ROAD, SELHURST ROAD AND DUANE ROAD BY GRADING, <br />DRAINING, CURBING, RECONSTRUCTING THE PAVEMENT <br />BASE, WIDENING, PREPARING THE SURFACE AND PAVING <br />WITH CONCRETE, RECONSTRUCTING STORM SEWERS, <br />SANITARY SEWERS, WATER MAINS AND DRIVEWAY APRONS <br />WHERE NECESSARY, CONSTRUCTING SIDEWALKS AND <br />INSTALLING ABOVE-GROUND WIRES AND CABLES FOR STREET <br />LIGHTING, TOGETHER WITH THE NECESSARY APPURTENANCES <br />AND WORK INCIDENTAL THERETO, AND DECLARING AN <br />EMERGENCY. <br />BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga <br />County, Ohio, that: <br />Section 1. Section 4 of Ordinance No. 92-29 passed on Apri.l 21, 1992 <br />shall be amended to provide that the Notes shall mature on December 18, 1992 <br />instead of December 20, 1992, and shall read as follows: <br />"Section 4. The debt charges on the Notes stiall be <br />payable in lawful money of the United States of America, or <br />in Federal Reserve funds of the United States of America if <br />so requested by the original purchaser, and shall be payable, <br />without deduction for services of the City's paying agent, at <br />the main office of National City Bank, Cieveland, Ohio, or at <br />the principal office of a bank or trust company requested by <br />the original purchaser of the Notes, provided that such <br />request shall be approved by the Director of Finance after <br />determining that the payment at that bank or trust company <br />will not endanger the funds or securities of the City and <br />that proper procedures and safeguards are available for that <br />purpose (the Paying Agent). The Notes stiall be dated tkie <br />date of issuance and shall mature on December 18, 1992. If <br />agreed to by the original purchaser, the Notes shall be <br />prepayable without penalty or premium at the option of the <br />City at any time prior to maturity as provided in this <br />vrdinance. Prepayment prior to maturity shall be made by <br />deposit with the Paying Agent of the principal amount of the <br />Notes together with interest accrued thereon to the date of <br />prepayment. The City's right of prepayment shall be <br />exercised by mailing a notice of prepayment, stating the date <br />of prepayment and the name and address of the Paying Agent, <br />by certified or registered mail to the original purchaser of