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<br />ORDIZr7ANCE N0.
<br />BY
<br />T
<br />Ars o?INArzcE 4uTaioRzzzNG TIM zssua14cE oF rJOTEs zrT
<br />ANTICIPATION OF TIiE TSSUANCE OF BOPIDS AND OF THr
<br />LEVY AND COZLECTTOPJ OF SPECIAL ASSESS1EINTS TO PAY
<br />THE PROPERTY 014NEP,S' PORTION OF THE COST OF IM'ROVING
<br />DOVER CENTER ROAD AND CERTAIIi 0'1'IiER STRE.ETS AND PUBLSC
<br />EASE?ENTS BY COPJSTRUCTING SA1V'ITARY SI?WERS, SEWER CURB
<br />. CONTJECTIONS ATaD P1ECESSARY APPUR`.ENAAtCLS , Il`1CZUDING
<br />FORCE YIAIN? ST,'WAG?.?' P(J14PIP1G STATION? NECESSAiY STREET
<br />R113SURFAvITdG AT•TD wSTOItATTON OF DRAI1?iAGE FACII,7T2ES
<br />(CONTRACT 12), AND DECLARING AN EME,RGEPJCY.
<br />WHE'.RCAS, this luun.cil by Ordinar.ce No. 69-1 authorized tYie issuance oi a
<br />no-te in the amount of *1,870,000 to pay the estimated property owners' portion
<br />($774,435) and the estimated City's portion ($1,095,565) of the cost of the im-
<br />provement described in Section 1 of this ordinance; and
<br />WHEFtEAS, pursuant to said ordinance a note in tkie amount of $1,870,000 was
<br />issued., which note matures on March 28, 1970; and
<br />47HE:REAS, Council has deterrnined to xssue separate renewal notes for the
<br />property owners' portion and the City's portion of the cost of said improvement,
<br />the proceeds of whichl -L-agether with prepaid cash assessments, will be used to
<br />retire the outstanding rlote at its maturity;
<br />WfiEREAS, the fiscal officer of the City has certified the inaximum maturity
<br />of bonds and notes for said improvement;
<br />NOWY THEREFORE, BL IT OPUA7NED by the Council 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 0lmsted in the nrincipal sum of $725,000 for the purpose of paying, in
<br />anticipation of the collection of special assessments., the property owners' portion
<br />of the cost of impxoving Dover Center Road., Porter Road, Maxtin Drive, North Park
<br />Drive, East Park Drive, West Park Drive,, Douglas Drive., Alden Drive, Evergreen
<br />Drive,, Willet Drive' Broxbourne Road, ldellesley Avenue, Whitehaven Avenue, Elm-
<br />hurst Road, Lorain Road, Ranchview Avenue, West Ranchview Avenue, and certain
<br />public easements bettaeen certain termini by construeting sanitary sewers, sewer
<br />curb connections and necessary appurtenances, including a force main and sewa,ge
<br />lift station, necessary street resurfacing and restoration of drainage facilities,
<br />all as provided in Resolution No. 68-142, adopted September 3, 1968.
<br />Section 2. That said bonds shall be dated approxima,tely July 1, 1970, shall
<br />bear interest at the estimated rate of six and one-half per centum (6-1/2%) per
<br />annum., payable semi-annually, un-L-il the principal sum is paid, and sha11 ma,ture
<br />in twenty substantially equ.al installments after their issuance.
<br />Section 3. That f'or the purpose of raising money in anticipation of the
<br />issua.nce of the aforesaid bonds and in anticipation of the levy and collection of
<br />special assessments for'the above described i.mprovement, and to retire the property
<br />owners' portion of the aforesaid outstanding note, it is hereby declared necessary
<br />to issue and there shall be issued notes of said City in the principal amount of
<br />$725,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding seven per centum (7?0) per annum, payable at
<br />maturity, and at such ra-Le after maturity not exceeding eight per centum (8°fo) per
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