|
oRDINANCE Na. .t ~3
<br />BY: I~Ir. _„~~2,~;y~L! AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF
<br />A I~IOTE IN ANTICI~'ATION OF THE IVY OF SPECIAL
<br />ASSESSI~TENTS AND IN AI~tTICIPATIO~T OF THE ISSUAI`3CE
<br />OF _BONDS TO $AY THE PROPEft'~Y aW'NERS t AND THE
<br />CITY t S . PE}RTIONS QF THE COST OF SMP~ZQVING
<br />BR44KP.t~K ROAD FFtt~Ni MARTIN DRIVE EASTERLY
<br />1322.16 FEET WITHIN TREE CITY 4F NORTH tJI~ISTED,
<br />BY CONSTRUCTING. THEREIN A.WATER MAIN, AND
<br />DECLARING AN ETb~RGENCY.
<br />WHEREAS, the Council of the City of North Olmsted has heretofore,"
<br />by proper legislation, determined that .the improvement of Brookpark Roa€i
<br />from Martin Drive easterly 1322.x.6 feet, within the City of North Olmsted,
<br />~„~,. by constructing therein a water main, is necessary for the immediate pres-
<br />.~ ervation of the public health, peace, safety and welfare, and
<br />WHEREAS., Council, based upon actual construction bids received_
<br />and estimates of other costs, has found and determined that the total
<br />estimated cost of said improvement will not be less than X20,100.00;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />NORTH OLMSTED, STATE OF OHIO:
<br />Section 1. That it is hereby declared necessary to issue bands
<br />of the C ty of N~~~ Olmsted in the principal sum of 20,100.00 for the
<br />purpose of paying the property owners portion, in anticipation of the
<br />collection of special assessments, and the Cityts portion of the cost of
<br />improving Brookpark Road from Martin Drive easterly 1322.16 feet, within
<br />the City of North Olmsted, by constructing therein a water main and in the
<br />manner provided in Resolution No. 23$4, adopted October 16,1956. Of said
<br />amount the Cityts portion is X3,450.00, and the property ownerst portion
<br />is X16,650.00.
<br />Section 2, That said bonds shall be dated approximately'
<br />February 1, $, s~iall bear interest at the estimated rate of four (!~%)
<br />per centum per annum, payable semi-annually, until the principal sum is
<br />paid, and shall mature in ten substantially equal annual installments
<br />after their issuance.
<br />Section_~. That for the purpose of raising money in anticipa-
<br />tion of the lei an collection of special assessments and of the issuance.
<br />of the aforesaid bonds for the above described improvement, it is hereby
<br />declared necessary to issue and there shall be issued a note of said City
<br />in the principal amount of 20,100.00.
<br />Section ~.. That such anticipatory note in
<br />shall bear interest at the rate of 2-1/4~ per annum,
<br />in the event of default such note shall bear interes~
<br />per annum, such interest to be payable at maturity.
<br />dated as of the date of issuance and shall mature on
<br />from said date.
<br />the amount aforesaid
<br />with provision that
<br />t at the rate of 3a
<br />Such note shall be
<br />or before one year
<br />Section 5. Such note shall b e executed by the Mayor and Auditor
<br />and bear the seal of the corporation. It shall be payable at the office
<br />of The National City Bank of Cleveland,"North Olmsted office, in the City
<br />of North Olmsted, and shall express upon its face the purpose for which
<br />it is issued and that it is issued pursuant to this ordinance.
<br />Section 6, All assessments collected for the improvement afore-
<br />said, and any unexpended balance remaining in the improvement fund after
<br />the costs and expenses of said improvements have been paid, shall be
<br />applied to the payment of said note and the interest thereon until both
<br />are fully provided for.
<br />Section 7. Subject to the rejection of said note by the
<br />Treasurer for investment in the bond retirement fund, said note shall be
<br />and hereby is awarded and sold to The National City Bank of Cleveland,
<br />Cleveland, Ohio, at the par value thereof;;:, and the ~seasurer is hereby
<br />authorized and directed to deliver said note, when executed, to said
<br />purchaser upon payment of such purchase price. The proceeds of such
<br />sale shall be paid into the proper fund and used for the purpose for which
<br />said note is being issued under the provisions of this ordinance.
<br />I
<br />
|