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r CTTY OF NORTIi OLMSTID ORDINANCE N0. 6 7-10„S- r , ? -----? BY x AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE L?,'VY OF Sl'ECIAL ASSESSMEMS AND IN ANTICSPATION OF THE ISSUANCE OF BONDS TO PAY THE PROPERTY OWNIItS' PORTION AND THE CITY'S PORTION OF THE COST OF IMPROVING GREAT NORTHERN BOULEVARD ? BY INSTALLING STORM AND SANITARY SEWERS, WATER MAIN, SEWIIR AND WATER CURB CONNECTIONS, TOGMMR WITH ALL NECESSAR7t APPURTENANCES THERETO, AND DECLARING AN L'MERGENCY. WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the i.mprove- ment described in Section 1 of this resolution; and WHEREAS, Council, based upon actual construction bids received and estimates of other costs, has found and determined that the total estimated cost of said improvement will not be less than $142,500; IVOW, THERF,FORE, BE IT ORDAINID by the C4uncil of the City of North Olmsted, Cuyahoga County, Ohio: Section 1: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $142,500 for the purpase of paying,in anticipation of the collection of special assessments, the property owners' portion, and also to pay the City's portion of the cost of improving Great Northern Boulevard from Lorain Road to Brookpark Road by installing storm and sanitary sewers, water ma.in, and sewer and water curb connections, together with all necessary appurtenances thereto, as provided in Resolution No. 67-8, adopted January 3, 1967. Of said anount, the property owners' portion is $110,840 and the City's portion is $31,660. Section 2: That said bonds shall be dated approximately April 1, 1968 shall bear interest at the estimated rate of four per centum (4%) per annum, payable semi-annually, until the prineipal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the levy and collect3on of special assessments and of the issuance of the afore- said bonds to pay the property owners' portion and the City's portion of the cost of the above described improvement, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $142, 500. Section 4; That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding four and one-half per centum (4-1/2p) per annum, as may be fixed by the Director of Finance in his award of said note at private sale, such interest to be payable at tnaturity. Such note sha11 be dated as of the date of issuance and shall mature on or before one year fram said date. Section 5: Such note shall be signed by the Mayor and Director of Finance and bear the seal of the eorporation. It sha11 be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. ; ?