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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ,Z -,LZ
<br />BY
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $1,275.,000
<br />RENERdAL NOTES 7S1 ANTICIPATION OF TIiE ISSUANCE OF BONDS
<br />TO PAY THE CITY'S PORTION OF THE, COST OF IMPROVIIVG
<br />BRADLEY ROAD AND CERTAIlV OTHIl3 STREETS AND EASEMENTS
<br />BX CONSTRUCTING SAN1fiARY SETrTERS, SEW-PR CiTRB CONNECTIONS
<br />AND 1VECESSARY APPURTENANCES? INCLUDING NECESSARY STREE,T
<br />RESURFACING AND RESTORATION OF DRAINAGE FACILITIES (CON-
<br />TRACT N0. 16), A1VD DECLARIlVG AN EMF,RGENCY.
<br />WI-TEREAS, this Council by Ordinance No. 70-47 authorized the issuance of notes
<br />in the aznount of $1,61+2,000 to pay the estimated property owners' portion and the
<br />estima,ted City's portion of the cost of the improvement described in Section 1 of
<br />this ordinance, which notes were retired with the proceeds of the $1,642,000 re-
<br />newal notes issued pursuant to Ordinance No. 71-27, the notes issued pursuant to
<br />the latter ordinance having a maturity date of March 10, 1972; and
<br />TrIHEREAS, the property owners' portion of the cost of said improvement is be-
<br />ing provided for from assessments paid in cash and fram part of the proceeds of
<br />the $410,000 assessment bonds being issued pursuant to Ordinance No. 72-8, and
<br />Council has determined to issue renewal notes for the City's portion of the cost of
<br />said i.mprovement, the proceeds of which wi11 be used to retire the City's portion
<br />of the outstanding notes at maturity and to provide additional funds for the City's
<br />portion of the cost of said improvement; and
<br />WHEREAS, the fiscal officer of the Cit,y has certified the maximtun maturity
<br />of bonds anticipated and to the notes herein authorized;
<br />NOW? THEREFORE, BE IT ORDAINED by the COUYICIl of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l, That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,275,000 for the purpose of paying
<br />the City's portion of the cost of improving Bradley Road, Barton Road, Charles
<br />l-lvenue, Lorain Road and certain easements between the termini set forth in Resolu-
<br />tion No. 69-14, adopted I'ebruary 1E, 1969, by constructing sanitary sewers, sewer
<br />curb connections and necessary appurtenances, includin.g a, sewage lift station and
<br />force main, necessary street resurfacing and restoration of drairiage facilities.,
<br />said sewer improvement beirg known as Contract No. 16,
<br />Section 2, That said bonds shall be dated approximately March l, 1973,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2°fo)
<br />per anntun, payable semi-annua7ly, until the principal sum is paid, and shall
<br />mature in thirty substantially equal annual installments after their issuance.
<br />Section 3. `?'hat for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to provide funds for the retireRnent of the
<br />? aforesaid notes maturing March 10, 1972,, it is hereby declared necessary to issue
<br />and there shall be issued notes of said City in the principal amount of $1,275,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid sha11 bear
<br />interest at such rate not exceeding four per centum (4o) per anntun, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (8°fo) per
<br />annum, as may be fixed by the Director of Finance in his a„aard of said notes at
<br />private sale. Such notes shall be dated Ma,rch 10, 1972, sha11 mature March 9,
<br />1973, and sha11 be in such denominations as may be requested by the purchaser.
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