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<br />Ordinanne No.. /.:1...
<br />IRr...
<br />An Ordin3nLe
<br />To issue bonds in anticipation of the collection of the Special
<br />Assessment for the improvement of Alexander Road from Clague
<br />Road to a point 2457,2 feet easterly therefrom in the Village of
<br />Forth Olmsted by grading and slagging; oame;
<br />Whereas, the council of the Village of North Olmsted, Ohio,
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<br />has heretofore by raso7.utl -on duly passed on the 2d day of Februa:7
<br />1926, declared the necessity of imp roving said Alexander Road
<br />from Clague Road to a point 245 7;,2 feet easterly therefrom in +
<br />North Olmsted Village by grading, draining and slagging came, andi
<br />of levying a special assessment upon the property abutting on saia
<br />road to pay for said improvement, all in strict conformity to laws
<br />j and,
<br />Wherees, this council has requested the Village Clerk to iss e
<br />his cer�ificate as to the estimated life of said improvement pro-
<br />posed to be constructed from the proceeds from the bonds herein-
<br />after referred to and the Village Clerk has certified to this
<br />Council auoh estimated life as eight years and has further cert&:
<br />fied the maximum maturity of such bonds as eight 'years, and,
<br />Whereas, This council estimates that a tax for said bonds vir1
<br />first appear upon the duplicate for the tax year 1927, and the final,
<br />tax settlement with the oounty treasurer nest following the inwlueim
<br />of a tax for this issue in the annual budget of the oounty auditory
<br />as provided by law will be obtained not earlier than the first dada
<br />of December 1927 and will require 0381.15 for interest until such
<br />taxes are Collected and available,
<br />NOW TIMBEFORE, be it ordained by the Council of the Village 1
<br />of North Olmsted, State of Ohio, two- thirds of the members theret
<br />concurring,:
<br />for
<br />Section 1. That /the p rpose u
<br />of raising money in anticipation
<br />of the levy and collection of Speoial Assessment for the improving
<br />of Alexander Road, between the points mentioned, in the Village of
<br />North Olmsted by grading, draining and slagging the name, bonds of i
<br />said Village shall be issued in the amount of Seven Thousand Tre '
<br />Hundred Eleven and 15/100 Dollars (07311.15) of which Six Thousan
<br />Nine hundred Thirty and nO /100 Dollars (06930,00) is the e:atimated {
<br />Copt of said improvement according to the report of the engineer '
<br />and :Three Iiundred Eighty -one and 15 1100 Dollars (0381.15) is the
<br />interest for one year thereon. ,
<br />Section 2. Said bonds shall be designated as the "Alex nder�
<br />Road Improvement Bonds "; shall.be of the denomination of 07y 0000
<br />each except the first bond which shall be E3Ye Hundred "ditty-}.oncA
<br />15/100 Dollars (~`,561,15 , shall be dated April 19 1927 .I
<br />$ rill drag intereu,, at the rate of 5 -112% Per annum payable semi.,•'
<br />annually on the first days of April. and October in each year, upa
<br />presentation and surrender of interest coupons to the attached to
<br />said bonds bearing the facsimile signature Of the Clerk and shall
<br />be due and payable as folio-,78:-
<br />10 April 1, 1928 . . X561.15 6, October 1, 1930 . X750* 00
<br />2, October 1, 1928 750.00 April 1, 1931 750.00_;
<br />3• April 19 1929 750.00. October 1, -1931 750.00 d
<br />4. October, 10 1929 750.00 9. ", April ' 1, 1432
<br />1930. . 750.00
<br />5• April 1
<br />750.00 10. October 1,� ,1932 . 750.00
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