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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.
<br />$Y
<br />AN ORDINANCE TO 1'ROVIDE FOR THE ISSUANCE OF NOTES
<br />IN ANTICIPATIOPI OF TIiC I.,EVY OF SPECTAL ASSESSMENTS
<br />AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO
<br />PAY THE PROPERTY OWIVERS' AND THE CITY'S PORTTONS
<br />OF THE COST OF IlMPROVING PORTER ROAD AND CERTAIN
<br />OTHER STREETS AND PUBLIC EASEMEN.CS BY CONSTRUCTING
<br />SANITARY SEWERS, S? E?R CURB CONNECTIONS AND IVECES-
<br />SARY APPURTENANCES, INCLUDING STREET RESUBF'ACING
<br />AND RESTORATION OF DRAINAGE FAC2LITIES, AND DECLAR-
<br />ING AN ENlERGENCY.
<br />Q WHEREAS, Council has heretofore declared the necessity of con-
<br />structing the improvement described in Section 1 hereof, the total esti-
<br />mated project cost of such improvement being $766,100, of which the City's
<br />portion is $ 0272466 and the property owners' portion is $ 138,634 ; and
<br />? WHLREAS, a note in the araount of ?'i150,000 was issued pursuant to
<br />Ordinance No. 67-237 to pay part oF the City's portion of the cost of said
<br />improvement, and Council has now determined to iss?ae notes in the amount
<br />of $616,100 to pay the remaining City's portion of the cost of such improve-
<br />ment and also to pay the property owners' portion of the cost; and
<br />WHEREAS, the fiscal ofiicer of the City has certified the maximum
<br />maturity of bonds and notes for said improvement;
<br />NOW, THEREFORE, BE, TT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds
<br />of the C3ty of North Olmsted in the principal sum of $6161100 for the pur-
<br />pose of paying, in anticipation of the collection of special assessments,
<br />the property owners' portion, and also to pay the City's portion of the
<br />cost of constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, includirg necessary street resurfacirg and restoration of
<br />drainage facilities in Porter Road, Mart3.n Drive, Jenkins Road and easement
<br />over to Lansing Drive, La.nsirg Drive, North Park Drive and easement to
<br />Sherwood Estates treatment plant, Orin.g Road, and a trunk sewer in public
<br />easements runni:ng from a point in Yorter Road 548 feet northwesterly of
<br />Ma.rtin Drive northerly and easterly approximatel.y 4,728 feet to the Dover
<br />Center Lift Station, as provided in Resolution No. 68-84, adopted May 21,
<br />1968. Of said amount, the City's portion is $ 1+77,466 and the property
<br />owners' portion is $ 138,634 .
<br />Section 2. That said bonds shall be dated approximately August
<br />l, 19e9, shall beax interest at the estimated rate?of five per centum (5%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in twenty substantially equal installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the--issuance of the aforesaid bonds for the above described improvement,
<br />it is hereby declared necessary to issue and there shall be issued notes
<br />of said City in the principal amount of $ 616,100 • Such anticipatory
<br />notes shall be executed and delivered at such titne or times as may be found
<br />by the Director of Fi.nance to be necessary to mset obligations incurred
<br />by this City in making the improvement referred to in Section l hereof.
<br />Such notes shall be executed in a series, numbered consecutively beginning
<br />with No. 1, and in such number and denomination as determined by the Director
<br />of Finance. Such notes shall bear interest at the rate of three and ninety-
<br />hundredths per centum (3.90%) per annum, payable at maturity. Such notes
<br />shall be dated as of tn.e date af their respective issua,nce, shall mature
<br />on or before one year from the date of issuance of tize i'irst note issued
<br />hereunder, and shall be payable at the office of The National City Bank
<br />of Cleveland, Cleveland, Ohio.
<br />Section 4. Such notes shall be executed by the Mayor and Director Y
<br />of Finance, shall bear the seal of the corporation, and shall express upon
<br />their face the purpose for"which they are issued and that they are issued
<br />pursuant to tlzis oxdina,nce.
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