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<br />C ITY OF NORTH (lI,MSTED
<br />CRDINANCE N0, ,? 8( J/
<br />AN ORDTNANCE TO PROVIDE FCgt THE ISSUANCE OF BONDS IN
<br />ANTICIPATIt3N QF M COLLECl20N QF SPECIAL ASSESSMEN'PS
<br />FOR THE IMPRtNEML;NT QF DEC$ER ROADs FITCH RC,tADS GFSSNER
<br />RQAD$ QND LUCIISE DRIVES BY PAV2NGS, TNSTAIS,ATIOPt OF STfHM
<br />SEM AND THE CONSTRUCTION OF SIDEWJLGKSS ,QND DECT,,AR7NG AN
<br />IIMERGENCY.
<br />WMEAS.. th3.s Covncil has request.ed the City Auditor to issue a Certificate
<br />as to the estimated life of the propoaed improvemsnts to be acquired ar cunstru.cted
<br />from the proceeds of the bonds hereinaftar referred to and the City Auditor has
<br />certified to this Council such estimated life for the inprovemment of Decke.t* Road
<br />from Lorain Road sou#•herly to Mi.dvale Avenue$ by paving thereof; Decker Road from
<br />Midvale Avenne souf,harly to the ditch on the South Line of S'ub Lot No, 39bs by
<br />construating and installing therein a storm sewer; Fitch Road f'rom Batternut Ridge
<br />Road southerly to the Souther]y City L'itaits,, bg the construction of a five foot
<br />coMerete puba.i.c sidewalk; Gessner Road #l f"rom Lorain Road westerly t0 Walter Roads
<br />by constructing therei.n a five foot concrete publ3c sidewalk on both s3.des thereflf;
<br />Gessner Road #2 from Waltex Road westerly to Colvmbia Roads by cmnstrrwcting thsrein
<br />a five foot concrete publ.ic sidewalk on both sides thereof; and buci7.Ze Drive fram
<br />Grace Road to the easterlg Line of Metrapolitan Psrk Alloiments by construating
<br />therein afive foot concrete public sidewalk on bot>h sides thereof# excluding those
<br />lots in front of which sidewalls have already been constructed$ sa e.aceediag fiee
<br />ysars,, and has eertified the maturity of bon.ds as ten (10) years., arbd
<br />MLEHEAS' by reason of cash payments made wit,hin the periods providsd fox
<br />in the ordinauces levy.Lng assessments for such improvements., there is naw due an
<br />Decker Road Paving #lj, $24..$37.57; Decker Road Storm Sewer #2? !5s666•67; Fit,ch
<br />Road Sidewalk $15?,+ 838.49; Gessner Road Sidewalk #1? $11?171.18; (ie?tne?? Road
<br />Sidewalk ?`2j 410?11?.9.?12; Lucille Drive Sidewalk, $2.9 182.69., aggregat3.ag $69,850.00.,
<br />and
<br />kEEREAS., the notes issued in antieipation of the issuance of the bonds nere-
<br />inafter referred to, are about t,o fa11 duss
<br />NOW., THEREFORE3 gE IT CRDAINF.D by the Council of the Oity of North Olmsteda
<br />State of Chios
<br />Sectioa 1: Tizat it is deemed necessary to issue bnnds of the City, of
<br />North O]mted in the px'incipal sum of $69,,850,00., ir:. arder to provide a fund
<br />for the purpose of raising money in anticipation of the collsctioa of special
<br />assessments f'or the improvement of Decker Road fromi Lorain Road southerl,y to
<br />Midivs].e Avenue by pavings knotsm as Decker Road Paving #l; inprovem,ent of Decker
<br />Road, lflnown as Decker Road Stcrrm Sewer #2p by the conetructiun and insta'llin af
<br />a storm sewer from Midvals Avenvs soufi.herly to the diteh oa the south 1ina of
<br />3ub Lot No. 396; iVrwemeat of Fitch Road f'roan Buiternnt Ridge Road soufi,herly
<br />to the southerly eity 7ine on both sides thereofs by constructing and 3nsts113.rtg
<br />a five foot concrete public sidewalk; Gessner Road from Lorain Road westerly to
<br />Walter Roads Im.owu as Gessner Road Sidewalk #l.q by eonstruct3ng afive foot concrete
<br />public sidewalk an both s3des ttiereof; Gessner Road from Walter Roads knawn as
<br />Gessner Road SidewaZk #22 by constructing therein a five foot concrete public
<br />sidewalk on both sides theraof; Lucille Drive f'rom Grace Avenue to the easterly
<br />]a.ne of Metrvpolitan Park .A7.lotments by constructing t,here3.n a five foot concret,s
<br />public sidewalk in aecordanee with Qrdinances ldos. 2565, enact.ed Qct,ober l', 1957;
<br />No. 2266,1 enacted Octcber 12 1957; Ato. 2562, enaeted Octobw 1 1957; Na. 2?5, ,
<br />enacted April l. 1958; No. 2b6bt enacted April ls 7.958; No. 2692,, enactad May ?.v
<br />1958,, respectivel,ys which fund shall be ased t,o pay notes previousl,y issuei and
<br />which amaunt., due and payablep is $692850.00. .'/ 'e?
<br />k f`j?/
<br />Section 2; That said bonds shal]Abe in the dsnomina.tion of 013,000,00 each
<br />excepting Bond No. 1j. sha11 be in the denomina.tion of $19850.00s and shall bear
<br />interest at the rate of * per annum# payabls semi.amaua7ly on the f3rst days of
<br />June and l3ecember of each year Yaeginn3.ng June l0 1960., until the pr3.ncipal sum is
<br />paid; provided., however, that if said bonds are sold bearing a diffarent rate of
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