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CITY OF NORTH OLMSTED
<br />02DINANCE NO. 63- j;~g
<br />~• f
<br />AN ORDINANCE PROVIDING FOR THE TSSUAN CE t7F $26, 620.00
<br />OF BONDS OF THE CITY OF NORTH OLMSTED, OHIO, IN
<br />ANTICIPATTON OF THE COLLBCTION OF SPECTAL ASSESSMENTS
<br />HERETOFORE LEVIED, FOR THE PURPOSE OF PAYING THREE
<br />NOTES ISSUED TO PAY FOR THE COST AND EXPENSE OF CON-
<br />STRUCTING CERTAIN IMPROVEMENTS IN THE CITY OF NORTI-i
<br />OL~iSTED, OHIO, AND DECLARING AN EMERGENCY.
<br />iNHEREAS, pursuant to Ordinance No. 6i-126 passed
<br />August 21, 1961, and renewed by Ordinance No. 62-i2 passed
<br />February 6, 1962, a note in the principal amount of $15,000.00
<br />was issued by the City for the purpose of paying the cost and
<br />expense of constructing certain sidewalks on Canterbury Road,
<br />North Olmsted, Ohio; and
<br />WHEREAS, pursuant to Ordinance No. 62-140 passed
<br />August 8, 1962, a note in the principal amount of $12,500.00 was
<br />issued by the City for the purpose of paying the cost and ex~ense
<br />of constructing a water line in ?alter Road, North Olmsted, hio;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 62-142 passed
<br />August 8, 1962, a note in the principal amount of $14,000.04 was
<br />issued by the City for the purpose of paying the cost and expense
<br />of constructing a storm sewer in Decker Road, North Olmsted, Ohio;
<br />and
<br />WHEREAS, all three notes have now matured; and
<br />WHEREAS, the Director of Finance has heretofore
<br />certified to this Council that the estimated life of the properties
<br />and improvements herein described is at least 10 years in each
<br />case, and the maximum maturity of bonds to he issued to pay said
<br />notes is at least 10 years in each case; and
<br />WHEREAS, this Council has determined to issue and
<br />sell bonds in the amount and bearing the terms hereinafter pro-
<br />vided in order to discharge all of the aforementioned notes.
<br />NOW, THEREFORE, BE IT ;'ORDAINED by the Council of
<br />the City of North Olmsted, Cuyahoga County, Ohio:
<br />Section lc That i~~ is necessary to issue bonds
<br />of the City of North Olmsted in the principal sum of $26,620.00,
<br />all of which is the property owners' portion, for the purpose of
<br />paying in full the notes heretofore issued to pay for the cost and
<br />expense of constructing the following improvements in the City of
<br />North Olmsted, Ohio:
<br />(a) Note in the principal amount of
<br />$15,000.0.0 pursuant to Ordinance No. 61-126 passed
<br />August 21, 1961, which note was renewed pursuant
<br />to Ordinance No. 62-12 passed February 6, 1962, for
<br />the purpose of paying the cost and expense of con-
<br />structing certain sidewalks in Canterbury Road; and
<br />(b) Note issued pursuant to ordinance
<br />No. 62-140 passed August t~, 1962, in the principal
<br />amount of $12,500.00, for the purpose of paying the
<br />cost and expense of constructing a water 1.ne in
<br />Walter Road in the City of North Olmsted, Ohio; and
<br />
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