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CITY OF NORTH OLMSTED ORHI NANCE No. 63 °~ ~ +~_ By ~ ~ ~~~ AN ORDINANCE PROVIDING FOR THE ISSUANCE OF A NOTE ,,~ IN ANTICIPATION OF THE ISSUANCE OF BONDS AN~9 THB LEVY AND COLLECTION (?F SPECIAL ASSESSMENTS FOR THE PURPOSE OF CONSTRUCTING SIDEWALKS ON SUNDRY STREETS IN THE CITY OF NORTH OLMSTED WHERE SUCH SIDBWTALKS WERE NOT CONSTRUCTED BY THE ABUTTING OWNERS IN COM- PLIANCE WITH WRITTEN NOTICE AS PROVIDED IN R1~SOLUTION No. 63-159, AND DECLARING AN EMERGENCY. WHEREAS, This Council legislation declared the necessity of those streets or portions thereof set 159 and has determined that the total provement will not be less than Bight ($18,000.00); and has heretofore by proper constructing sidewalks on forth in Resolution No. 63- estimated cost of said im- een Thousand Dollars WHEREAS, the Director of Finance has certified to this Council that the estimated life of the property and im- provement hereinafter mentioned is at least five (S) years and that the maximum maturity of the bonds hereinafter refereed to is five (5) years and the maximum maturity of a note to be issued in anticipation of said bonds is one (1) year. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1; That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of Eighteen Thousand Dollars ($18,000.00) for the purpose of paying the entire cost of improving°by the construction of sidewalks: (a) The south side of Lorain Road from Charles Road to Chestnut School entrance; (b) The south side of Zorain Road from Bentley Drive to Vtrestview drive; (c) The east side of Columbia Road from Maple Ridge Road to Gessner Road; and (d) The east side of Walter Road from Westlake - North Olmsted corporate line to Gessner Road and from Lorain Road to and including 3993 Walter Road and on the west side of Walter Road from M~.ple Ridge Road to Lorain Road, where such sidewalks have not been constructed by the owners of lots and lands abutting thereon within the required period after receipt of notice of the passage of Resolution No. 63-159, adopted July 16, 1963. Section 2: That said bonds shall be dated approximately January 1, 1964; shall bear interest at the estimated rate of three and one-half per centum per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten (10) substantially equal semi-annual installments after their issuance. Section 3: That it is necessary to issue and this Council hereby determines that a note in the principal amount of Eighteen Thousand Dollars ($18,000.00) shall be issued in anticipa- tion of such bonds and in anticipation of the Ievv and collection of