2055 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE N0. .~~' ~ " ~ BY: l~r. ~3,/'~.,r~.,_„~ AN D~~??.~1A~TC$ TO PROVIDE ~'OB THE ISSUING OF DOTES ID ANTICIPATION OF TAE I.L~1I OF BPEC?AI. ASSESSMENTS ADD IN' A~TTICIt'ATION OF TI3E ISSUI~iG OIL BONDS Iii ADTICIPATTON f~ THE COItLECTION 0~' SPE6IAL AS3E TS THE Il~l'Rt)VEMEbTT OF BARYON BOAR Fi~O~I END OF S~ISTIptG MAIN: TO WBSTERLY CIT? LINE BY GONST~'tUCTING THEREIN A WATER FAIN. Whereas, the Council of the City of North Olmsted has heretofore, by proper legislation, dst®rmi.ned that the improvement of Barton Road froze the snci of the ezistiag main to the westerly City line, by con- structing therein a water Hain, is necessary for the i~eaeediate preservaa- Lion of the public health, peace, safety and welfare: and Whersas~, this Council contemplates the use of (3,000.00 for the purpose of paying the portion of said improvement, which is to bs paid by assessments. DOW, THEREFt3RE, BF IT ORDAINED BY THS COUNCIL CAF' THE CITY OF ATORTH OI~+i3TED, STATE OF OHIO: Section 1 That it is hereby declared necessary to issue bonds of the it~o#~~Torth Olststed in the principal sum of $0,000.00 for the purp©se of raising money in anticipation of the collection of spacial assessments for the inprovestent of Barton Road froo- the and of the existing main to the westerly City line, by constructing therein a water fain. coon 2„=, $1,00. sac , the rate of not annually on the principal stmt i+ their issuance. That said bonds shall shall be dated April 1, to exceed four 4.4} per first days of April and 3 paid and shall mature be of the dsnoninati®a of 1955, and shall bear intsrsrr~ at cent per annum, payable seaei» October of each year until the in ten annual installments after Section ~ That for the purpose of raising money in anticipation of the vy o~ special assessments and in anticipation of the issuance of bonds fa anticipation of the collection of special assessments for the iaeprovemest of the above named str®et by constructing therein a water main ig accordance with the legislation heretofore passed by the City Council with respect thereto to pay the property ownera~ share of the crost and ezpense of said respective i.mproveaent, it is hereby declared necessary to issue and there shall be issued, note or notes of the City of North Olmsted in the sum of ~.0 000.00, which shall be placed to the credit of the Barton Road Water ~proveffient Fund No. 3 in the amount of x.0,000.00, Section That such anticipatory note or notes in the amount aforesa d s be issued bearing interest at a rate not exceeding four per cent ~~+~) per annum, payable at the maturity of said note or notes;, said note or notes shall be dated as of the date said note or notss are sold, sad shall mature on April 1, 1956r such note or notes shall be executed and delivered in such manner and such dsno~eina- tions as may be requested by the purchaser of said note ©r notes. ,S~sct~m_n~, Said note or n©tes shall be executed by the Mayor sad the-City Auditorp shall bear the seal of the corporation; they shall be payable at the office of the National City Bares of Cleveland, Dorth Ohsteei office, in the City of Atorth Olmsted, Ohio ~ they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance.