64-330 Ordinance - Laserfiche WebLink

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! ~'~ ORDINANCE 1`N• /i7+1~w ~, ~. I. ~~iG.i~. 3 AUTHORIZING THE DIRECTOR OF LAW OF THE CITY OF NORTH OLfi~TE'D TO EMPIAY SPF.~IAL C TO ASSIST HIM ItQ THE PROCEEDINGS NECESSARY TO ACCt'L1~'3H THE FINANCII+~ OF THE SEWERAGE OF THAT PORTION OF THE CITY KNOWN AS AREA 3 WHEREAS, in order to provide the financing necessary for construction of the Araa 3 sewerage system, being an addition to the existing municipal sewerage system, it will be necessary to take proceedings for the issuance of special assessment notes and bonds, City portion general obligation notes and bonds, and the preparation and execution of a contract with Cuyahoga County for sewerage service to territory lying south of the corporate boundaries of the City, and Council d it desirable to provide for the service of bond counsel to assist the Director of Law in these matters; and WHEREAS, by Ordinance No..~.1~"7~ passed 5 E.~Y; 1 ~ ~,~~ 196+, Council has provided for such servieds~'3.th respect only to the notes to be issued in anticipation of special assessment bonds and authorized payment therefor of the sum of $1,025, and desires herein to authorize and provide for the balance of the matter hereinabo~re recited, NOW, THEREFORE, BE IT ORI)A~ BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO: Section 1. That the Director of Law be and he is hereby authorized to employ the law firm of Squire, Sanders & Dempsey, of Cleveland, Ohio, Municipal Bond Attorneys, to assist him i.xi the preparation of requisite legislation and taking of the necessary proceedings for (a) Special Assessment Bonds to be issued to retire the notes hereinabove recited, including approving opinian thereon, at a fee estimated not to exceed $1,325; (b) City portion, bond anticipation notes in the estimated amount of $1,672,000, including approving opinion thereon, at a fee estimated not to exceed $950; (c) City portion bonds to be issued to retire such City portion notes, including approving opinion thereon, at a fee estimated not to exceed $1,750; (d) Preparation and supervision of proceedings for a City-County point use sewer contract in connection with said Area 3 proceedings, at a fee estimated not to exceed $650. Section 2. That for the services so to be rendered by said law firm. the aforesaid fees shall be paid by the City, together with out-of-pocket expenses for long-distance telephone calls or otherwise, which sums shall be paid from the proceeds of the aforesaid notes and bonds, if issued, and otherwise from the general fund of the City.