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<br />TW'(,) ~A} ORDTiCE AtT.I'FIORTZTNG TSE TSSUAt~CE OF BOI~IJS BY THE
<br />CITY OF RORTS OI~TED, OHIO, Ili A19TTCIPATIE)E OF THE
<br />COLLECTTGR OF SPECIAL ASS$SS~lil':L'S FORE y TEll TO
<br />PAY THE ASSES~3IHLE PORTI~ OF THE COST OF COP~i'I'RUCTII~G
<br />SARITARY SEWERS Ili' CERTATg' STREETS C{Z3ED TH COIQTRACTS
<br />~+, ~+A, 5, 6 A1~3 8, AftD DECLARING Ali E~RGERC7C
<br />WI3ERE~iS, Council has heretofore taken all requisite proceedings for the making
<br />of then improvements and the levy of assessments for the property owners' share thereof
<br />hereinafter described; and
<br />WHEREAS, notes have been issued in anticipation of the bonds herein authorized
<br />and are about to mature; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City, has heretofore
<br />certified the estimated life of the improvement and the maximum maturity of the bonds
<br />proposed to be issued, to-wit, twenty years;
<br />NOW, THEREFORE, BE TT ORDAINED by the Council of the City of ATorth Olmsted, Ohio:
<br />Section 1. That it is hereby declared neceessary to issue bonds of the City of
<br />ATorth Olmsted, Ohio, in the principal amount of $1,277,115 in anticipe~ticn of the
<br />collection of special assessmments heretofore levied to pay the assessable portion of
<br />the cost of constructing sanitary sewa~rs in the several streets described in Ordinance
<br />No. 62-5 passed January 2, 1962 to authorize the notes hereinabove racited and all
<br />comprised in Contracts ~, 4A, 5, 6 and 8 for the construction thereof aced for w~iich
<br />assessments have been levied by Ordinances loos. 6~ 274, 64-275, 64-276, 64-277 and
<br />64-278 all passed on November 17, 196.; and to retire outstanding rues issued. in
<br />anticipation thereof.
<br />Section 2. The said bonds shall be dated February 1, 1965, shall be issued 3n
<br />such denominations as the purchaser may request but sabject always to the requirear~nts
<br />of the maturity schedule hereinafter set forth, as adjusted for additional cash payment
<br />of assessments, and shall bear interest at the rate of three arul one-half per eentum
<br />per annum, payable semiannually on the first day of June and the first day of December
<br />of each year beginning June 1, 1965, until the principal sum is paid, as evidenced by
<br />the coupons attached thereto; provided, hc~vrever, that if the bonds are sold bearing
<br />a different rate of interest then herein specified, such bands shall beReax such
<br />rate of interest as may be provided in the res®lution of Council apprQVix~g the award
<br />thereof. Such bonds shall mature in their consecutive serial order as follows;
<br />$60,115 on DeCeetber 1, 1966;
<br />62,000 on December 1, 1967;
<br />$60,000 on December 1 in each of the years 1968 to 1970, both inclusive; an,d
<br />$65,000 on December 1 in each of the years 1971 to 1985, both inclusive;
<br />which maturities are hereby determined to be in substantially equal annual installments.
<br />In the event of receipt hereafter of additional cash payments of the assessments
<br />anticipated, then the amount of this issue asd the den~i.nations and maturities thereof
<br />shall be reduced and adjusted accordingly.
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