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<br />C2TY OF NORTH OLMSTEU
<br />ORDINANCE N0.
<br />BY` .
<br />AN RDINANCE TO PROVIDE FOR THE ISSUANCE OF TJOTES IN ANTICIPA-
<br />TION OF THE LEVY OF SFECZAL A,SSESSMENTS AND IN ANTICIPATION OF
<br />? THE ISSUANCE OF BOiVDS TO PAY THE PROPERTY OWNERS' PORTION AND
<br />THE CITY'S PORTION OF THE COST OF IMPROVING COLt3NIDIA ROAD AND
<br />CERTAIN OTHER STREETS.AND PUBLIC EASIIENTS BY CONSTRUCTING
<br />SANITARY SEWERS., S"WR CURB CONNECTIONS AND NECESSARY APPUR-
<br />TENANCES? INCLUDING,NECESSARY STREET RESURFACING AND RESTORA.-
<br />• TION OF DRAINAGE FACILITIES (CONTRACT N0. 15), AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, the Cauncil of the City of North Olmsted has heretofore by proper
<br />legislation declared the necessity of constructing the improvement described in
<br />Section 1 of this,ordinance; and ,
<br />WHEREAS, Council, based upon actua,l construction bids received a.nd estimates
<br />of other costs, has found and determined that the total estimated cost of said
<br />improvement will not be less than $950.,000;
<br />NOW., THEREFORc,., BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section"1: That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $950,000 for the purpose of paying, in
<br />anticipation of the collection of special assessments, the property owners' portion,
<br />a.nd also to pay the City's pori;ion of the cost of improving Calumbia Road? Gessner
<br />Road, Evelyn Drive, Eleanor Drive, Florence Avenue, Root Road, Duane Road, Silver-
<br />dale Road,, Selhurst Road, Kennedy Ridge Road., Butternut Ridge Road and certain
<br />easements between the termini set forth in Resolution No. 69-177, adopted October
<br />21, 1969, by constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, including necessary street resurfacing and restoration of drainage
<br />facilities. Of said amount, the property owners' portion is $358,352 and the
<br />city's portion is $591,648.
<br />Section 2; That said bonds shall be dated approximately February l, 1971)
<br />sha,ll beax interest at the esti.mated rate of six and one-half per centum (6-1/2%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in twenty substantially equal annual installments after their issuance.
<br />Section. 3; That for the purpose of raising money in anticipation of the levy
<br />and collection of special assessments and of the issuance of the aforesaid bonds
<br />to pay the.,property owners' portion and the City's portion of the cost of the
<br />above described improvement, it is hereby declared necessary to issue and there
<br />sha11 be issued notes of said City in the principal amount of $950,000.
<br />Section 4: That such anticipatory notes in the amount aforesaid sha11 bear
<br />cw interest at such rate not-exceeding seven per centum (7p) per annum, payable at
<br />ma,turity, and at such rate after maturity not exceeding eight per centum (8%) per
<br />annum, as may be fixed by the Director of Finance in his awa.rd of said notes at
<br />private sale. Such notes shall be dated as of the date of issuance, shall mature
<br />one year fram said date, and shall be in such denominations as may be requested
<br />by the purchaser.
<br />Section 5; Such notes shall be signed by the Mayor a.nd Director of Finance
<br />and bear the seal of the corporation. They shall be payable in Federal Reserve
<br />funds of the United States of America at the main office of the National City
<br />Bank of Cleveland, Clevel.and, Ohio, and shall express upon their face the purpose?s
<br />for which they are issued and that they are issued pursuant to this ordinance. ?
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