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<br />IiY MR.
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE 110. _;Q.1:2,3
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<br />AN ORDSN11ITCE AUTHORIZING THE ISSUANCE OF BOIdDS BY THE CITY
<br />OF NORTH 0114-STID, IN ANTICIPATION OF THE COLLECTION OF
<br />SPECIAL ASSESS14MS FOR THE PURPOSE OF INiPROVING SUNDRY
<br />STREETS BY CONSTR(JCTING SANITARY SEwTERS AND NECESSARY
<br />APPURTENANCES, AND DECLARING AN EM.ERGIIVG'Y.
<br />v,1liLREAS, notes in the amount of $1,068,000 and $218,418 were issued
<br />' pursuatit to Ordinance No. 66-60 and Ordinance No. 66-61, respectively, in
<br />Q anticipation of the bonds herein authorized? which notes are about to
<br />mature; and
<br />?JHEREAS, the Director of Finance, as fiscal officer of this City,
<br />? has heretofore certified the estimated life of the irrrprovement and the maximum
<br />maturity of the bonds proposed to be issued,
<br />NOW, TSEEtEF'ORE, BE IT ORDAINID by the Council of the City of North
<br />Olmsted, Ohio:
<br />Section l: `rhat it is hereby decl.axea necessary to issue bonds of
<br />the City of North Olmsted, in'the principal sum of $954,400 in anticipation
<br />of the collection of special assessments heretofbre levied for the purpose
<br />of paying the property owners' portion of the cost of improving MasticY Road
<br />and certain other streets and easements in Area 3 of the City by constructing
<br />sanitary sewers and necessary appurtenances thereto between the termini and
<br />in the manner provided in Resolution No. 64-254, adopted October 20, 1964,
<br />and improving Sunset Oval and certain other streets in Area 3 of the City by
<br />constrtzeting sanitaxy sewers and necessaxy appurtenances thereto between the
<br />termini and in the manner provided in Resolution No. 65-84, adopted April 6,
<br />1g65.
<br />Section 2: Said bonds shall be issued in theprincipal amount of
<br />$954,400 for the purpose aforesaid. The said bonds shall be clated April l,
<br />1967 , shall be issued in the denomina.tion of $5,000 each, except bond No. 1
<br />which shall be of the denomination of $1+,400, shall be numbered from 1 to
<br />191, both inclusive, and shall bear interest at the rate of four per centum
<br />(4%) per annum, payable semi-annually on the first day of June and the first
<br />day,qf December of each year beginn.ing December l, 1967, until the principal
<br />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
<br />specified, such bonds shall bear such rate of interest as may be provided
<br />in the resolution of Council approving the award thereof. Such bands shall
<br />mature in their consecutive serial order as fol•low:.=:
<br />,44,400 on DecemUer 1, 1968;
<br />$45,000 on Decemaer 1 in each of the years fxorn 1969 to 1976, inclusive; and
<br />$50,000 on December 1 in each of the years i'rom 1977 to 1987, inclusive;
<br />which maturities are hexeby determined to be in substantia.7..ly equal annual
<br />installments.
<br />? Section 3: Said bonds shall be signed 'oy the 1,1ayor and Director
<br />of Finance, provided that one of such signatures rnay be a facsimile signature,
<br />and shall bear tLe corporate seal of said City. Interest coupons attached
<br />to said bonds shall beeLr the facsizr.ile signature oi' the Director of Finance
<br />prirted or lithor;raphed thereon. Thc-y shall be designated "Sewer Assessment
<br />Bonds", arld shall be payable in l.awf:zl money of the United States of l:merica
<br />at the ma.in office of The Na"k-lional City Bank of Cleveland, Cleveland, Ohio.
<br />Section 4: For the purpose of providing the necessary funds to pay
<br />the interest on the foregoing issue of bonds when and as the same falls due,
<br />and also to provide a fund sufficient to discharge the said serial bonds at
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