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BY: Mr. Lind <br />AN ORDINANCE AUTHORIZING THE MAYOR AND FINANCE <br />DIRECTOR TO EXECUTE A$272,250 PROMISSORY NOTE <br />PAYABLE TO THE OHIO PUBLIC WORKS COMMISSION FOR <br />THE PURPOSE OF IMPROVING SILVERDALE ROAD, SELHURST <br />ROAD AND DUANE ROAD <br />WHEREAS, the Ohio Public Works Commission (OPWC) has <br />approved financial assistance for the Silverdale Road, <br />Selhurst Road and Duane Road rehabilitation project in the <br />form of a twenty year, interest free loan in the amount of <br />$272,250, and <br />WHEREAS, a promissory note signed by the Mayor and <br />Finance Director is to evidence this loan; <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA AND THE STATE OF OHIO: <br />SECTION l: That the Mayor and Finance Director, in the <br />name of the City and in their official capacities, are <br />authorized to execute the twenty year promissory note <br />between the City and the Ohio Public Works Commission in the <br />amount of $272,250 with interest at an annual rate of 0% for <br />the purpose of partially financing the Silverdale Road, <br />Selhurst Road and Duane Road rehabilitation. <br />SECTION 2: The Clerk of Council is directed to deliver <br />a certified copy of this ordinance to the County Auditor. <br />SECTION 3: This ordinance shall be effective from and <br />after the earliest time permitted by law. <br />r <br />PASSED:? 1992 <br />, <br />A T T E S T: dc (,r.ct-t-a.- <br />lerk of Counci President of Council <br />APPROVED??? 3 , 1992 First Reading: 3-16/ga.- <br />Second Reading :.? I q g z <br />Third Reading: <br />Committee: <br />Mayor