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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 762- 6 ?
<br />BY
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE
<br />LEVY AND COLLECTION OF SPECI.AI, ASSESSMENTS TO PAY
<br />THE COST OF IMPROVING SOUTIiERN AVENiTE BETWEEN CERTAIN
<br />TERMINI BY CONSTRUCTING CONCRETE PAVIIMENT WITH
<br />APPURTENANCES, 7NCLUDING STORM SEWER INLETS, AND
<br />CONSTRUCTIlVG SIDEWALKS, AND DECLARING AN ENSERGII,TCY.
<br />WHEREA.S, pursuant to Ordinance No. 69-9 a note in the amount of $45,000 wa.s
<br />issued to pay the cost of constructing the improvement described in Section 1 of
<br />, this ordinance, wh3.ch note, ma.tures on March 28, 1970; and
<br />WIiEtEA,S, the sum of $2,000 is available from surplus moneys in the construction
<br />fund to be applied against the principal smaunt of the outstanding note and Council
<br />has determined to issue a renewal note in the amount of $43,000 to provide the
<br />remaining funds needed to retire such outstanding note; and
<br />WHLREAS, the fiscal officer of the City has certified the maxi.mum maturity
<br />of bonds and notes for said improvement;
<br />NOW, TfEREFORE, BE IT ORDAINFJ) by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declaxed necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $43,000 for the purpose of paying, in
<br />anticipation of the collection of special assessments, the cost of improving
<br />Southern Avenue from McKenzie Road to a. point 165 feet w'est of Decker Avenue
<br />by constructing a 7-inch concrete pavement 25.5 feet wide with appurtenances,
<br />including storm sewer inlets, and by constructing concrete sidewalks five feet
<br />in width on both sides of said street between said points, as provided in
<br />Resolution No. 65-278, adopted November 12, 19659 as amended by Resolution
<br />No. 66-193, a.dopted July 5, 1966.
<br />Section 2. That saa.d bonds shall be dated approx3mately July 1, 1970, shall
<br />bear interest at the estimated rate of six and one-half per centum (6-1/2°fo) per
<br />annum, payable semi-annually, until the principal sum is paid, and sha11 mature
<br />in ten substa,ntially equal installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and in anticipation of the levy and collection of
<br />special assessments for the above described improvement, and to retire the afore-
<br />said outstancling note, it is hereby declared necessary to issue and there sha11
<br />be issued notes of said City in the principal amount of $43,000.
<br />Section 4. That such anticipatory notes in the amount aforesa.id sha11 beax
<br />interest at such rate not exceeding seven per centum (7%) per annum, payable at
<br />maturity, and a.t such ra.te after maturity not exceeding eight per centum (8%) per
<br />annum, as may be fi.xed by the Director of Finance in his mraxd of said notes a.t
<br />private sa1e. Such notes sha11 be dated March 27, 19`?j0, sha11 mature on July 27,
<br />1970, and sha11 be in such denominations a.s may be requested by the purchaser.
<br />Seetion 5. Such notes sha11 be signed by the Mayor and llirector of Finance
<br />and bear the seal of the corporation. They sha11 be payable in Federal Reserve
<br />funds of the United States of America a.t the ma.in office of the Na.tional City
<br />Bank of Cleveland, Cleveland, Ohio, and sha11 express upon their faces the purpose
<br />for which they are issued and that they are issued pursuant to this ordinance.
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