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<br />CI`I'Y OF NORTH OLMSTED
<br />ORDIIdANCE N0.
<br />By-
<br />AId ORDINAIdCE AUTHORIZIiJG THE ISSUANCE OF BONDS BY THE
<br />CITY OF NORTH OI,MSTED FOR THE PURPOSE OF PAYING THE
<br />CITY'S PORTION OF 7'HE COST OF IMPROVING CANTERBURY
<br />ROAD AND SWEETBRIAR DRIVE BETWEEN CERTAIN TERMINI BY
<br />INSTALLING SANITARY SEWERS, SEWER CURB CONNECTIONS AND
<br />OTHER NECESSARY APPURTENANCES, AND DECLARING AN EMERGEtJCY.
<br />WHEREAS, a note in the amount of $146,371 was authorized pursuant to Ordinance
<br />No. 68-56 (renewing a$146,371 note issued pursuant to Ordinance IJo. 67-99) in anticipation
<br />Q of the bonds herein authorized, which note was issued to pay the property owners'
<br />portion and the City's portion.of t}xe cost of installing sewers in Canterbury Road
<br />and Sweetbriar Drive and is subject to redemption at any time; and
<br />' WHEREAS, this„ Council has determined to have separate bond issues for the property
<br />.owners' portion and the City's portion of the cost of said improvement; and
<br />WHEREA,S, the Director of Finance, as fiscal officer of this City, has hereto-
<br />fore certified the estimated life of the property and the maximum maturity of the
<br />bonds proposed tQ be issued, .
<br />Ohio:
<br />NOW, THEREF'ORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Section 1.That it is hereby declared necessary to issue bonds of the City of
<br />North Olmstecl in the principal sum of $40,860 for the purpose of paying the City's
<br />portion of the cost of improving Canterbury Road and Sweetbriar Drive by installing
<br />sanitary setaers, sEwer curb connections and other necessaxy appurtenances between
<br />the termini"and in the manner provided in Resolution No. 66-251, adopted September
<br />20, 1966.
<br />Section 2. Said bonds shall be issued in the principal amount of $40,860 Por
<br />the purpose aforesaid. The said bonds sha11 be dated June l, 1968, shall be issued
<br />in the denomination of $1,000 each, except bond No. 1 which shall be in the denomination
<br />of $860, sha11 be numbered from 1 to 41, both inclusive, and shall bear interest at
<br />the rate of five per centum (5%) per annum, payable semi-annually on the first day
<br />of June and the first day of December of each year beginning June l, 1969, until the
<br />principal sum is paid, as evidenced by the coupons attached thereto; provided, however,
<br />that if the bonds are sold bearing a different rate of interest than herein specified,
<br />such bonds shall bear such rate of interest as may be provided in the resolution of
<br />Council approving the award thereof. Such bonds sha1l mature in their consecutive
<br />serial order as follows:
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<br />$2,860 on December 1, 1969; and
<br />$2,000 on llecember l in each of the years from 1970 to 1988, inclusive;
<br />which maturities are hereby determined to be in substantially equal annual install-
<br />ments. .. Section 3. Said bonds sha11 be executed by the Mayor and Director of Finance
<br />and sha11 bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or litho-
<br />? graphed thereon. They shall be designated "Canterbury Road Sewer Bonds", and shall
<br />be payable in lawful money of the United States of America at the main office of The
<br />National City Bank of Cleveland, Cleveland, Ohia.
<br />Section 4. For the purpose of providing the necessary funds to pay the inter-
<br />est on the foregoing issue of bonds promptly when and as the same falls due, and
<br />also to provide a fund sufficient to dischaxge the said serial bonds at maturity,
<br />there shall be and is hereby levied on all taxable property in the City of North
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