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C ITY 0F NOtZTH OLMSTI;'D
<br />w L ORDINANCE N0. 6r-e5;6
<br />aN oRD1N11NcL TO pROV?-nE FoR mxE zssu.?,?cE or A
<br />NOTE TTJ AN?'ICT: Y1TION OF THE LE;VY OF S:t'ECI='AL AS--
<br />jESSEIVTS t1TI1L IN AIV'TIC1PAr1'IQN OF THE ISf3UAIdCr'
<br />OF BOND S TO P? ?1' THE PROPERTY OvMRS' AIVI3 TIE
<br />C-?'`1'Y' a P013,TIONu OF THE COSAT OF IMr ROtTI11TG
<br />CAN`I'E,RB?J1iY RO11D !UNT7 0"4vEETERLUR DRIVL BY IN-
<br />S`I'ALZlIti G SATdIiAIiY S r; oTEliS, SE;?iT.,R C tTRB C ON-
<br />TdEGTIOTdO' APTD 0'.PH ?,R 1VECESSARY APPURTENANC:ES,
<br />AND DECL:UiING AN EPI'r RGENCY.
<br />l,rh"L.R't:AS, pursuant to Ordinance No. 6; -99 I?assec? I??,rch 21, 1967,
<br />? a note in the amourit of 1t;11+6, j71 and d.?,ted :lpril 1g, 1967 ?:,as 'trere-tofore
<br />issued for the purpose hereinafter mentioned, which rote 'r:as now ma,tured;
<br />and
<br />? i,'HERELAS, tnis Counciy Ilas now deteranined to issue a new note aiid
<br />retire the presently outstanding note with the proceecis t'riereof; and
<br />i]I UREAS, tne fisea1 officer of the City has cer'tified t'rse rlaximum
<br />maturity of such bonds 'to be five years, and of such notes to be five years
<br />from the aate of the issuance of t1:e ori?;inal note, ?t;o tili?: ,lpril 19, 1972,
<br />if publicly solrz, or one year" if sold a-t prizrate sale;
<br />NO??, THEP1;.rOR:;, ?.3?; T1' ORL:'?Il`riM by the Council of tiie City of Nor?h
<br />Olmsted, Cuyahoga County, phio:
<br />Section 1: Tha-C it is 'ner•el?y declax•ed n.ecessa.ry to ?ssue bonds of
<br />the City of North Olmsted in 'the principal sum of ;';1?+6,371 for tYie pu::?pose
<br />of paying the pronerty owmers' portiori , in anticipation of the col.lection of
<br />special, a,ssessments, and 'Llhe City's porti.on of i;he cost of improving
<br />Canterbury Road and S;-reetbriar Lrive by installirig sanita,ry sewers, sewer
<br />curb connections and other recessary appurtenances betweeiz thF termini and
<br />in the rnanner provided in Re solutiozl No. 66-2 j1, adopted ?eptember 20 1066.
<br />Of said amoun-t the City's portion is ;36,983, ar.d. the property ozaners' por-
<br />tion is $109,388.
<br />Section 2: mh?,t saicL bar.ds s'riall be dated appro:Limately !???ril l,
<br />1969, shall ucar interest wt the estiriiated -rate of four and one-quarter per
<br />centtun (4-1%4%) per annum, payabl_e semi-annually, until t'rie principal sum
<br />is paid, and shall nia,ture in twenty substantially equal annual installments
<br />after their issuance. _
<br />Seci,ion 3: '?'hat for tlle purpose of raising money in antici.pation of
<br />the levy and colZection of special assessrnents and of che :issaance of the a.fore-
<br />said bonds for ttle above descr•ibed improvemcnt and to retire tYl` outstanding
<br />no-ce, it is lzereby a.eclareu necessary to issue arid ther.e si-ia11 be issued a. no-te
<br />of sa,id City in the principal arnount of ;146,371•
<br />, Section 4; That such anticipatory n.ote in ti-ie amount aforesa,id sha11
<br />bear interest at the rate of fbur pcr centum (?+^;) ;oer ??,nnLUr., such interest to
<br />i?e payable at maturiry. ?;ucn note sh?,I1 be czated as af t'rze u.ate of its issuarice,
<br />and sna,ll mature on or uefore one year from said aate.
<br />? Section 5; Such no-Ge shai.l be executed by -th:= 14ayar and Uix•ector
<br />of Fina,nce and bear the seal of the corporation. It s'riall Le payable t;,t the
<br />office.:'The National CiiLy ?;ank oi' Cleveland, Cleveland, 0'riio, and shall express
<br />upon its face the purpose for irhich it is issued and that it is i.ssuec:i pursuant
<br />to 'this ordinance.
<br />uection 6; ?111 ??sse;,;;n1ents collected i'or the improvement aforesaid,
<br />and any unexpended balance remaining iri the improvemen-t fund arter the costs and
<br />expenses of said improvemen-cs have been pa9.d, shal.l be appli ed_ to the payment of
<br />said note and the interest thereon until both are 7ully provided for.
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