65-052 Ordinance - Laserfiche WebLink

Home Browse Search

11 ORDINAItM N0. b S-- Jr ?, . AN ORDINANGE TQ PROVIIZ FOR THR ISSWINCS OF NO't8S Ill ARPICIPA- TION OF THLP LL'VY 0F 3P8CIAL AS.SffiSMglm pND IN p11TICIPATIOl1 Wr TfIC IS3UANGLP OF BOND6 TO PAY Z'fE PROP8M OiWMRB' POR'1ZON OF TW C06T OF OONSTRUG'TI11G SANITARY 3EMo AND APPUtTSNAN(LPS IN AREA 3 oF THE CITY, AND IJECLARING AI1 ENICItCENCY. ? ; %X., WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of making the improvement described in Section 1 hereof; and WFERSAS, Council has found and determined that the property ormers' portioa of the total estimated coat of said improvewnt ti+ill not be less thsa $1,068,000; Ndi1, THEREF'ORE, BS IT ORUAINED by the Council of the City of North Olmsted, Ohiot Section 1. That it is hereby declared necessary to issue bonds of the City of North OLnsted in the principsl sum of $1,068,000 forttie purpose of paying, in anticipstion of the collection of special asaessments, the property owners' portion of the cost of constructing sanitary sewers and appurtenances in Mastick Ro4d and certain other streets and msements in Area of the City betWeen the termini and in the msnner provided in Resolution No. , adopted October 20, 1964. Section 2. That said bonds shall be dated approximately MQrch 1, 1966, shall. bear interest at the estimQted rate of three and one-hnlf per centum (3-1/2%) per anntar,, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantielly equal annual inatallments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy and collection of special easessments and of the issue?nce of the aforeeaid boads for the above described improvement, it is hereby declared necessary to issue and there ahall be issued notes of said City in the principal amount of $1,068,000. Section 4. That such anticipatory notea in the amount aforesaid shsll bear interest at such rate, but mt exceeding 3-1/2% per annum, sa shall be speeified in the avsrd thet+eoP by the Director of Finance at private sale, such intereat to be pe?ysble at ue?turity and until paid. Such notes shall be dsted as of the date of their issuance and ahsll mature one year after said date. Such notea shall be executed in such number and such denominations as msy be requested by the purchaser thereof. Sectioy 5 Such notes shall be execuled by the Mayor and Dir etor of Fine?nce and bear the sea o? the corporation. They sha 1 be payable at the o f?ce of The National City Bank of Cleveland, Clevelanii, Ohio, and shall express upon their faces the purpose for which they are issu,ed and that they are issued purauant to this ordinaace. Section 6. All assessments collected for the improvement aforesaid, and any unexpended bslancd remaining in the irnprovement fund nfter the costs and expenses of ? said improvement have been ptiid, shall be applied to the payment of sald notes and the interest thereon until both are fully provided for. 3ection 7. Subject to the rejection of said notes by the officer in charge of the bond retirement fund, said notes shall be sold st private sale by the Director of Finance at not less than the par value thereof; and the Director of Finance is lxreby