66-060 Ordinance - Laserfiche WebLink

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w ~`~ u,~~+ ~I~Ll ~tAI~GE NO.~°1/ D AN ORAII64~C$ `i't3 PRCVIL~ FOR 'THE TS8LI~ICE CrF A ~iC~I"E zx AIITICIPAT~CC~t a~ ° LEVY of ~~CZAI, AssESSMENTS xx A~czpr~c~~ a~ T~ ISSUANCE c~~ BONDS Ta ~Ax THE P'RUT~R~.'X Cf1~F.~S' PORTION CF '.THE COST GF ~.QN- STRUCTIIG SA11I'1'A:RY SEWED AND APC'fJf~TEI'tA1~CES I "t .~tREA 3 OF THE CITY, Aim I}irCZARING AN Et~,RGENCX, • U K~IEREAS, pursuant to ~7rdinance No. 65-52, gassed march 2, i~5, a note in the principal asx~unt of ~:~, C6E3, U4U, dated March 25, 1~5, xas issued far the purpose hereinafter stated, to me.ture c1rr~: year frsxr; the date of such note; and KH~tSA,S, by reasens of delay irr completion of ccanstructiatY, it has proved isrpossible to issue the bands anticipated by said mate it or~3er to retire the same; and f~REAS, to preserve the credit of tyre City it is essential tta issue a new note tc+ retire such outstanding note, and in anticipation of the issue of boxxls; and K~RB.AS, the fiscal officer has certified to the maximum rn€~.turity of the bonds anticipated and to the notes herein authorized; I~CrW, THEI4EFORE, HE IT (}RDAIIIh'F) by the ;~uncii of the f:ity oaf Nex°t~a Olmsted, Cuyahoga County, Ohio: Section 1. Tt-at it is hereby declared necessary to issue bands of the City of lbrth 0lested in the principal su>a of $1,C?68,CXX) for tT~e purpose of paying, in anticipation of the et~liectien of special assessments, the prap~e.rtr~> o~rners' portion df the cost of constructing sanitary sealers and appurtenances in Mastiek Read and certain crt~r etreet6 and easements ~.n Area 3 of the City between the tersrini and is ~"~he manner provided in f~tsalation tia. ~~+-25~, adopted October 2O, 196k, Section 2. That said bonds shall lte dated approximately March 1, 196, shall bear interest at the estiaaated rate of three ar~d one-half per cerxtum f 3-1f2'~-) per annusr, ps~yable send-annually, until the principal Musa is gsid, and shall mature in tr~snty substantially equal annual installments after their issuance. Section 3. T4~at for the purpose of raising ~soney in anteipatiozx of the levy at~d collection of special assessments acid of the issuanes of tae at+crressid bonds for the above described ia~pravement, and to pay and retire said outstanding note dw'ted March 25, 1965, it is hereby declared necessary to issue and. there si~rll be issued a note of said City in the principal smcaunt of $1, OE$, Q4C? . Section ~. That such anticipatory nuts in the amount aforesaid shall. barer interest at the rate of txo and nimety-five hundredths (2.95'0 per aanua, such interest to be payable at maturity. such note shall be datei3 March 25, 1966, and shall mature on or before one year froe- said date. z ~'~