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oRnnNaNcE xo. /,,q- 3 J0
<br />A2( ORDINAtICE AUTHORIZIIIG THE IS3UANCE OF BOXD6 BY THE
<br />CITY OF IIOR'i'H OUISTED, Offi0, IIi AIITICIPATI011 OF THE
<br />COLLECTI011 OF 3PECIAL ASSESSM1"1'S HERET()FORE IZVIED TO
<br />PAY THE ASSES3IBLE PORTIOX 0F TAE C06T 0F COIISTRUCTIIiG
<br />SAl'iITARY 3EWERS IN CERTAII( STREET3 COWRISID I!( COIITRACTS
<br />4, 4A, 5, 6 AtID 8, AND DECIARIIlG AN FmGFNC7
<br />WFIEREAS, Council hea heretofore ta,laen •11 requisite proceedings tor the asldng
<br />of the improveaents and the lsvy of aesese=enta for the property aWners' ahnre thereof
<br />hereinafter dsscribed; nnd
<br />WHERF,AS, notea have been isewed in entic3pation of the bonds herain autborized
<br />end are about to meture; aad
<br />WHEREAS, the Director of Finance as fiscel ofiicer of thia City, has heretofore
<br />certiiied the estineted life of the improvement and ths nsximum maturity of the bonds
<br />propoeard to be iaaued, to-vi.t, twenty yeara;
<br />nOW, THEREFORE, BE IT ORDAIMD b,y the Council of the City of I(orth OL4sted, Ohio:
<br />Section 1. That it ia hereby declared neceaeary to iseue boada of the City o!
<br />North Olmsted, Ohio, in the principal amount of $1,277,115 in anticipation of the
<br />collectioa of speciel aaaeesments heretofore levied to pay the asaessible portion of
<br />the coat of conatructing eenitery severs in the several etreets described in Ordiaance
<br />lb. 62-5 passed Januery 2, 1962 to authorize the notes herainabove recited and all
<br />coaprised in Contracts 4, 4A, 5, 6 and 8 for tbe construction thereoP and for xhich
<br />asseesients have been levied by Ordinences Moa. 6#-274, 64-275, 64-276, 64-277 and
<br />64-278 all pesaed on November 17, 1964; and to retire outatanding no-tes iesued in
<br />enticipation thereof.
<br />9ection 2. The said bozyds shell be datsd February 1, 1965, shall be iesued in
<br />auch denominations as the purchaser sny request but subject elrrsys to the requireaenta
<br />of the maturity schedule hereinafter eet forth, as adaueted for addition,al cash ptymnt
<br />of assessments, and shell besr intereat at the rnte of three and one-half per centun
<br />per annum, payable eeaiennually on the Pirst day of June nnd the first day of Deceaber
<br />of each yBer beginning June l, 1965, until ths principal atm is pnid, ns eviclsnced by
<br />the coupons attached thereto; provided, havever, that if the bonds are sold bearing
<br />e diffarent rate of intereat than herein speciYied, euch bonds shall bear sueh
<br />rnte of interest as may be provided in the resolution of Council approving the aatard
<br />thereof. Such bonda shall meture in their coneecutiYe serisl order as follrnro:
<br />$60,115 on December l, 1966;
<br />$62,000 on Deceeber 1, 1967;
<br />$60,000 on Decenber 1 in each of the yesare 1968 to 1970, both incluaive; and
<br />$65,000 on December 1 in eech of the yeara 1971 to 1985, both inclueive;
<br />which maturities are hereby determined to be in aubetentiaTly equel annual installmenta.
<br />,
<br />In the event of receipt hereafter of additional cesh peyments of the aaseamenta
<br />anticipated, then the rjaount of this issue and the derwminations aad meturitiea thereof
<br />shall be rPduced and ed.justed accordingl,y.
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