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<br />CITY OF NORTH OLMSTED
<br />URDINANCE N0.
<br />?
<br />BY
<br />AN ORDIN.ANCE AUTHORIZING THE ISSUANCE OF NOTES
<br />IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESS-
<br />MENTS AND IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS TO PAY THE PROPERTY OWNERS' PORTION AND THE
<br />CITY'S PORTION OF THE COST OF IMPROVING SOUTIiERN
<br />AVENUE, DECKER ROAD, AND MIDVALE AVENUE BETWEEN
<br />CERTAIN TERMIN I BY GRADING, DRAIlVING, CURBING,
<br />PAVING, CONSTRUCTING SIDEWALKS, AND INSTALLIlVG
<br />SAAiITARY SEWER, STORM SE4tER, AND WATER CURB
<br />CONNECTIONS WHEERE PIECESSARY, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, this Council by Ordinance No. 69-10 authorized the issu-
<br />ance of a note in the amount of $174,189, to pay the estimated property
<br />owners' portion ($88,121.95) and the estimated City's portion ($86,067.05)
<br />of the cost of the improvement described in Section 1 of this ord.inance;
<br />and • •
<br />WHEREAS, pursuant to said ordinance a note in the amount of $174,189
<br />was issued, which note matures on March 28, 1970; and
<br />WHEREA.S, prepaid cash assessments and surplus moneys in the con-
<br />struction fund are available to be applied a,gainst the principal amount of
<br />the outstanding note and Council has determined to renew said note in the
<br />reduced,.amount of $150,000; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds and notes for said ixnprovement;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />0lmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $150,000 in anticipation
<br />of the collection of special assessments to pay the property owners' portion,
<br />and also to pay the City's portion of the.cost of improving Southern Avenue,
<br />Decker Road and Midvale Avenue by grading, dxaining, curbing, paving, con-
<br />structi.ng sidewalks, and installing sanitary sewer, storm sewer and water
<br />curb connections between the termini and in the manner provided by Resolution
<br />No. 68-317, adopted August 13, 1968. Of said amount, the property owners`
<br />portion is $70,200 and the City's portion is $79,800.
<br />Section 2. That said bonds shall be dated approxima.tely July 1,
<br />1970,.sha11 bear interest at the estimated rate of six and one-half per
<br />centtam (6-1/2%) per annum, payable semi-annually, until the principal sum
<br />is paid, and sha,ll mature in twenty substantially equal installments after
<br />their issuance.
<br />? Section 3. That for the purpose of raising money in anticipation
<br />of the issuance of t?ne aforesaid bonds and to retire the aforesaid outstand-
<br />ing note, it is hereby declared necessary to issue and there shall bE issued
<br />notes of said City in the principal amount of $150,000.
<br />Section 4. That such anticipatory notes i.n the amount aforesaid
<br />shall bear interest at such rate not exceeding seven per centum (7°fo) per
<br />annum, payable at maturity, and at such rate after maturity not exceeding
<br />eight per centum (80) per annum, as may be fixed by the Director of Finance
<br />in his award of said notes at private sale. Such notes shall be dated
<br />Ma.rch 27, 1970, shall mature on July 27, 1970, and sha11 be in such denomi-
<br />nations as may be requested by the purchaser. V
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