66-288 Ordinance - Laserfiche WebLink

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/~ THE C{TY OF NOP,TH OLMSTED BY~ ~"t-.r- s AU~ORZZ.I:l3 THB 1:38LiAACd OF A Ilf A1R'ICII'A'tt0~ OF' 'ffiffi I~tTAtC~ p~ DC A~ OF THE Lim AItD OdIl.BCi'I~ 0~' SP'SC~JtL ASS~3S Tfl PAY TBS CQBT OF ~!G DO'Y~R ROAD J11lD aIDGE A~t?AD ~ ~ IIY OONSTRUCTIlIG S7]'~'WAT.~6, Aim D~CL~RI~iC3 AN EiCY'. 4, Council has by due Pr~edinBs wade pron-isiaal for the sides cc~rstructioas hereinafter da~rcribed at~d for the levy of assessments to py- th! seat tAa~of, such constructiaac to be financed by the issuance of bonds and of notes is snnticipation th~reoF; and the fiscal otYieer of the City has certified the mtutapslt sstur of sum bonds to be Titre years, send of such notes to be five years if sold rlic- 3y or one year if sold at private sale; ~, 'Si~RBI~'ORS, BF IT E~A-I~3 by the Council of the City of forth Cla~s^~i, Cuyahoga County, Ohio: Section 1. That it is hereby declared neoesaary to iasue bonds oi' the City of lforth Olarted in the parncipal suwa of x@8,100 in anticipation of tt~e . collection os special as~t~s ~o pyr the coat of ccsratstag sib on tt» met side of Dover t7rutter Road frcml I+tiT~D Road northerly to the. cam.. atiap, line, oaa the north side of Ke~msdy Ridge Road Tres t?iwt Northern Hvulstrard s~sst~erly ~gcoocirately 19i~4 test to the evterly line of Per,ent Fs~el lto. 236-10~, +~s11, c~i the north siege os x~ey R3,, Re~sd. frees the west~zr~,j- line of Fitt Yar'cel Ao. 23E--13-fa esaterl~Y +appci~-tely 1820 feet to Celia Rortd, ctxoept where constructed by prvpierty curs pursuant to the option c~tai~rd in Resolution 2Po. 6b-150, adopted June 7, 196. Section 2. That said bands shall be dated +r~prootimately l~a+-emiaer 1, 1967, sbiall, bear iatereat at the estiisted rate of four arad crie-.hel,f per cxa#.~ t~-1/'~~ par ar~nva-, p~r#kble s1rs~L-a~w~-111y, until tt~e principa.]. scat is paid, aa~t shall arature in five substantially equal annuAl instal].menta after their issuance. Section 3. That for the purpose of raising money in antid.pation of the issuance of the aforesaid beds eu~d in anticipation of the levy and collection of special assessaaents for the abc described iapro~-r~ent, it is hereby declared n~ecsasary to issue and there shall be issued a Hate of said City in the principal amamt of $28,100. Section 4. That such anticipatory note in the amount aforereaid shall hear interest at such rate not excxe~ling five ier centtan per anncm! eu~ nay be fixs~t by t he Director of Finance in his aNarcl. of said note at private sale, such nrtergt to be payable at maturity. Said note shall be dated as of the date of iss~saac~e amt s2u~ nature oa or bcefore oz~e year Frain such date . Said note shall tae a by the for and by the Director oi' Finance, shall bear the corporates ss~2. of the City, shall be payable at the office of The National City Bank of CsYe3.adui, Cleveland, Uhio, and shall e~cpreas on ita face the purpose f~ which it is issued affi that it is issued pursuant to this ordinance. Section 5. Sc~~ect to the re,~ection of sv~ch note by the Director cat line tar iavestmant in the Ropd Retiraoent Find, such note shall ba Hold b7 t~M Director of Finance at prrivate sale at an iDtereat rate not exceeding titan ptr eeeituo- ger s~tm-. The paroc:eeds !'ran such sale, except any preseica~ a~ iRtarusti interest, shall., be Pam iota the proper fcm3 and used far this aforesaid •m~d for no othaes purpose . .may preniuat and accrued ia#wrest shall bs d,eposited in the bond Retire~at Fund. faction 6. 3aie1 note shall. bee the toll and ~@eneral obligstion of the City aid tba toll faith, credit ae~d ~ of such City are hereby Pl roar the pac~tagat paysdent of the same . Tire per value to he received free the sale