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<br />Ordinance No.
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<br />Pdir. Biddulph
<br />An- Ord�risric'e? pry. :�� *�. f North QJcmMled,Ohio
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<br />To issue bonds in anticipation of the collection of the Special Assessment
<br />for tho improvement of Burns Road for the entire lergth of said road by
<br />grading, draining and s laggiiZ same
<br />I HEREAS, the Council of the Village -of N orth Olmsted,` Ohio, has here-
<br />tofore, by resolution duly adopted on the 17 day of April 19 28,
<br />declared the necessity to improve Burns Road for the entire length of
<br />said rood in the Village of North Olmsted by
<br />grading, draining aid slagging seW-
<br />M
<br />in accordance with.the plans and specifications therefor, and of levying a
<br />special assessment upon the- property'abutting on said road to pay for said
<br />improvement, all in strict conformity to law, and,
<br />WHEREAS, the notes, issued in anticipation'of the issuance of the bonds
<br />hereinafter referred to; are about to fall due, and,..
<br />WHEREM, this Council has requested the Village Clark to issue his cer-
<br />tificate as.to the estimated life of said improvement proposed to be con-
<br />structed from the proceeds from the.bonds hereinafter referred to and the
<br />Village Clerk has certified to this Council such estimated life'as e IQ*
<br />years and has further certified the maximum maturity of ,such bonds as
<br />eight years, and,
<br />WHEREAS, this Council estimates that a tax for said bonds will first
<br />appear upon the duplicate for the tax year 1930. , .and the final .tax
<br />settlement with the County Treasurer next following the inclusion of a tax
<br />for this issue in the annual budget of the County Auditor, as provided-by
<br />law will be obtained not earlier than the first days of September 19 31 .
<br />and will require 956*37 for interest until such taxes are col -
<br />lected and.available,
<br />NOW THEREFORE, be it ordained by the Council of the Village of North Olmmted
<br />State of Ohio, two- thirds of the members elected thereto being presen° ancU
<br />concurring;..
<br />Section 1. That for the purpose of raising money in anticipation of the
<br />levy and collection of Special Assessment for the improving of Burns Road
<br />for the entire length of said
<br />in the Village of North Olmsted by grading, draining and slagging .same.
<br />bonds of said Village shall be issued
<br />in the amount o _ 3L.j�td%rl n Thousaz . Three Hundred 'NF'or y- ,Foiwz : and SG',+ /100
<br />Dollard( 15, u4..8G } of which Seventeen Thousand Three
<br />Hundred Eighty Eight and 49100 Dollars (W17,388,49)
<br />,is the estimated cost of said improvement according to report of Engineer,and
<br />Nine Hundred Fifty Six and 37100 Dollars ($956.37)
<br />is the interest for one year thereon.
<br />Section 2. Said bonds shall be designated as the ' "Burns Road' Slag�.in ,
<br />TLIprovenent; Bonds" shall be - of the denoml.-za-
<br />tion of $ 950.00 each except the first bond which shall be $ 294.8G
<br />shall be,dated October 1. 1929 ; shall draw interest at the rate of 5-1/2
<br />per contum per annum payable semi- annually 'on.the first days of`'April and
<br />October in each year, until presentation and surrender of interest coupons to
<br />be attached to said bonds bearing the facsimile signature'of the Clark and
<br />shall be due and payable as follows
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