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<br />CZTY OF NORTH OLMSTED
<br />ORDINANCE NO.
<br />BY
<br />.AN ORDIN.ANCF TO PROVIDE FOR THE ISSUANCE OF NOTES IN ANTICIPATION
<br />OF THE LEVY OF SPECTAL ASSESSMIINTS AND 1N ANTICIPATION OF THE
<br />ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION AND THE
<br />CITY'S PORTION OF THE COST OF IMPROVING COLUNIBIA ROAD AND CERTAIN
<br />OTHER STREETS AND PUBLIC EASEMENTS BY CONSTRUCTING SANITARY SEWERS,
<br />SEWER CURB CONNECTIONS AND NECESSARY APPURTENANCES, INCLUDING
<br />? NECESSARY STREET RESURFACING AND RESTDRATION OF DRAINAGE
<br />FACILITIES (CGNTRACT N0. 15), AND DECLARING AN EMERGIINCY.
<br />, WHEREAS, this Council by Ordinance No. 70-46 authorized the issuance
<br />of notes in the amount of $950,000 to pay the estima.ted property owners' portion
<br />and the estimated City's portion of the cost of the improvement described in
<br />Section 1 of this ordinance; and
<br />WHEREAS, pursuant to said ordinance notes in the amount of $950,000
<br />were issued, which notes ma.ture on March 12, 1971; and
<br />WHEREAS, Council has determined to issue renewal notes for the property
<br />owners' portion a,nd the City's portion of the cost of said improvement, the
<br />proceeds of which will be used to retire the outstanding notes at maturity; and
<br />WHEREAS, the fiscal off'icer of the City has certified the maximum
<br />maturity of bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Ci.?yahoga County, Ohia:
<br />Section l. That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $950,000 for the purpose of paying,
<br />in anticipation of the collection of special assessments, the property owners'
<br />portion, and also to pa,y the City's portion of the cost of improving Columbia
<br />Road, Gessner Road, Evelyn Drive, Eleanor Drive, F1.orence Avenue, Root Road,
<br />Duane Road, Silverdale Roa.d, Selhurst Road, Kennedy Ridge Raad, Butternut Ridge
<br />Road and certain easements between the termi.ni set f.orth in Resolution No. 69-177,
<br />adopted October 21, 1969, b,y constructin_g sAnitary sewers, sewer curb connections
<br />and necessaxy appurtenances, including necessary street resurfacing and restoration
<br />of draina,ge facilities. of said amount, the property owners' portion is $358,352
<br />a,nd the City's portion is $591,648.
<br />Section 2. That said bonds sha11 be dated approximatel,y February 1,
<br />1972, shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1/2°fo) per annum, payable sem:i-annually, until the principal sum is paid,
<br />and sha11 znature in twenty substanta.ally equal annual installments after their
<br />issuance.
<br />Section 3. That for the purpose of raising money in anticipation of
<br />the levy and collection of special assessments and of the issuance of the afore-
<br />said bonds to pay the propert,y owners' portion and the City's portion of the
<br />cost of the a.bove described improvement, and to provide funds fvr the retirement
<br />of the aforesaid notes maturing March 12, 19`l1, it is hereby declared necessary
<br />to 3.ssue and there shall be issued notes of said City in the principal amount
<br />of $950,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding seven per centum (7%) per annum, pay-
<br />able at maturity, and at such rate after maturity not exceeding eight per centum
<br />(8°fo) per annum, as may be fixed by the Director of Finance in his award of said
<br />notes at private sa1e. Such notes shall be dated Narch 12, 1971, sha11 mature
<br />Nlarch 10, 1972, and shall be in such denominations as may be requested by the,,
<br />purchaser. ' ?'
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