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THE CITY OF NORTH OLMSTED
<br />Bq
<br />tlli~IFC~ NO. .~'..~....~.33t
<br />AN '~RDII'rA3iCl~ Ai~fI4RZZIl'~ ".~~ ~C~ OF BO1~D.S HY '1~8
<br />CITY OTC I~'tfi OLL, IN ~C~PA'.L'.~ON ~3~ TFiE ~I~.~C-
<br />Z'I(~ OF SPECIAL a9S~3~5 F~ PtTRPOSE QF CONSZRUCT-
<br />IlR3 SI~~ 0~ COLi~BIA ROAD AXD CERTAIN O'1~IER ST.RLET.S,
<br />ARD DECLAFt~G Al! ' E~EHGI;RCY .
<br />notes have beam ieaued in e~ntieipatiasn of the issuance oi' the
<br />bands he~wes authorised, such notes being in the am~nt of ~i,1.7,1Ot3 issued
<br />pursmrnt to E3r~dixue~cet loo . 65-2qO and $67,1OO issued pursuant tc c3rdinas~ce loo .
<br />65-~~7, P+veNad October 5, 195, which renewed ~- X67,140 note issued purset
<br />t0 !)r~l.insace its. 6~25f, pas~as~ October 23: 19~: wh{ ch notes mature on T~ecear
<br />ber l~, 1966 sad October 29, 1966, respectively, , at~d
<br />'~, the Director o! F;n~ence, as fiscal officer of this City, has
<br />h~rrttoZazre aa~rtifieed the e~atimated life of the improvement and the xde,xinium
<br />aa't~tty ~ tyre bonds proposead to be issued,
<br />Ohid:
<br />ll~T, ~ i8, ~ I'P ORTU~IlISll by the Council. of the City of North 02.na~ted,
<br />8ectioa 1. That i.t is hereby declared necessary to issue bonds of the City
<br />of Borth Olmsted, in the principel stmt of $54,2:50 in anticipation of the collee-
<br />tiara of special assetssment+s hcratofore levied for the purpose of paying the
<br />pra~rxty amens' portir, od the .cost of constructing side~ralks on the vest side
<br />pf Colu~ia Road from.. l~it+ehell .Drive to Lorain Road in accordance with Resalutio~n
<br />Xo. 64-253, adopted July 7, 19r'.~+, and Stearns Road, McKenzie Road, Kennedy Ridge
<br />Road, Columbia Rued, Lorain Road, Metple Ridge Road and Coe Avenue between the
<br />ter~ti.ni set forth in Re:solution. lio. ~+-122, ejdapted June is , 19&F, declaring the
<br />necessity of constructing such sidewalks.
<br />Sectiaa 2. Said bawds sha13 be issued in the principal amount of ~50,~50
<br />!or the purpose afaresatid. 2'he said bands ahal.l be dated necember 1, 1966, sha1.1
<br />be issued in the des~-ieuttic~ of ~,.1,t7O0 each, except bond No. 1. which shell be
<br />of tbea deat~i.natiors of X250, shall be nu~ered groin 1 to 51, both inclusive,. !
<br />shall beery interest at tt~t rate of four and one-hsl.f per centaur ~~-1f2~) per aar:um,
<br />perle semi.-aannteal.ly air the first day of June and this first day of Deceaxber of
<br />each Y~~' be~gi~anirjg .Tune 1, 1967, until they principal. sum is paid, as evidenced.
<br />bar t~It attached thereto; provided, however, that if the "ponds are. sold.
<br />b a diPYerent rate of interree* than herein specified, such boats shall
<br />bar su+wh rate of interest as may be provided in the resolution of Council approv-
<br />iag t ~ thereof. Sursh bonds sha11 srature in their consecutive serial. order
<br />~# follc~rs
<br />~10,25fl oar Decer~er 1, 1968; end
<br />$14,440 on Decem~cr 1 in each of the years from l~q to :1.9"'x'2, inclusive;
<br />which maturities are hereby detearmi.ned to be in s~stantially equal asinual. install-
<br />mentst
<br />SeOtiran 3. Said bonds sha11 be executed by the I~yor and Director of Pinnace
<br />awed et3a~3. bear then data seat. of said City. Interest coupons attached to said
<br />boarti~r s.l bear the fesisi~.e signature of the Director of Finenee prir~ttd or
<br />litht~sd, thereon. 'may sh~,l.l b€ designated "Sidentalk I,mlarov~..mernt Bonds", emcl
<br />shall be: Viable in lesti'tixl. mommy of the tTnitad Stateg of America at the seals
<br />ott'i~e of 'f'hc Raticx~al City Hank of Cleveland, Cievele~nd, Ohic .
<br />Hs~Li+r~ ~. Far the purpose of providing then. z~eceasary funds to ~y the
<br />ierte~est ts- tl~e forergoing ism of bonds when sad erue the same falls dine, and
<br />e]„ap to pli,de a fund suiYicient to discharge the said serial bonds at meturitYs
<br />tbara shall ba and is hereby levied on the ta~cable property in the City of North
<br />dte~d, in additicm to all other takes, a direct tax annually during the period
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