|
0! -' ,3,dn hlrcr)Y ri4tify Chat tliQr,t yi lit)
<br />of IN,
<br />-a� 1., L•.. .i ( .•i;� I i �; .'. + t:.ld l,i 1•'�:, tl "Llr' C.,JP10,14 'tiltivof for 2:
<br />'-�yJ f t%,� Ji' y of
<br />� . '� t a�tiG platys a ai(i ca:';aoration ;t9 c�t,1;�t lt'1� � �/�
<br />vi sai(1 ilia e , ��,t,�►_ 1- c;0rdinanca No
<br />pate
<br />Yr
<br />� CJ.ert� ai lh� '1Lt;i�c of Nar:b c i aAatcl:, +�rt,iz
<br />An Ordinance
<br />` Authorizing, the iseuai ce of no4:es of the Village of North Olmsted State . of
<br />Ohio,, in ,he ,aii our.U` of 56,306.16 to be paid at or before, maturity. from
<br />the proceeds of the; saI e -cf box:ds +.o be issued in anticipation of the collec-
<br />tion of stecial "assessments to be, levied in connection With the improvement
<br />of the following street by., grading draining and eonstruoting along and upon
<br />both sides aid Porter Road a same wui s ne or concrete s , from Northern
<br />(r
<br />Avenue to Southern Avenue -proposed aocording to plans and speoitications therefor$
<br />-i erg: and amending Ordiname. No: 252 passed November 2, 12.
<br />N�, `WHEFMAS, the Village of North Olmsted has heretofore.. by legislation
<br />7A, duly adopted, provided for . e improvemen of the foregoing street by grading,
<br />'9 drainin and constructing along and upon both sidew a sacred sandstone or concrete
<br />x. ewalk
<br />all in strict conformity to the law in such cases made =and provided; and,
<br />WE= AS, the Council has requested the Village Clerk to issue his certi-
<br />ficate as to the estimated life of the improvement proposed to be constructed
<br />from the proceeds of notes hereinafter referred toP and the Village Clerk has
<br />certified to this Council the estimated life of said improvement to be ten 10)
<br />years, and the maximum maturity of notes to be issued for the temporary
<br />f inaxic :ng of said imp - cvement aj two (2) years; aad ,
<br />WHEREAS, this Council estimates and determined that the levy of special
<br />assessments for said improvement will be computed and certified for: collection
<br />during the year 1928 , and that bonds will be issued in anticipation of
<br />the collection of suchh assessments prior to the date of the maturity cf any
<br />of ,- e notes - proposed to be issued under the provisions of this ordinance;
<br />NOW, TEMMFOFE. Be it ordained by the Council of the Village of -North
<br />Olmsted , State of Ohio, three-fourths of all members' elected there! off,
<br />s,
<br />concurring:-
<br />Section 1, That it is necessary to issue notes of the Village of North
<br />Olmsted in order -cc prov?de a fund for the temporary financing of the fol-
<br />lowing impr oveim- nt, to wit Porter Road trash Northern Avenue to Sguthern
<br />Avenue proposed by
<br />grading, draining and
<br />MV constructing sidewalks on both sides between the points named; and
<br />the Mayor and Clerk of the Village be, and they are hereby authorized and
<br />directed to issue rotes of the Village of North Olmstedn the aggregate sum
<br />of Five Thousand - Three .Hundred .Ia,and118 00 Dollars 060306.16' )
<br />` which amount is the estimated cost of said improvement assessable upon the
<br />benefited lots` and lands bounding and abutting upon the said street between
<br />E the points designated.
<br />t.
<br />Section 2. That the funds authorized to be borrowed i.n.accordance'with
<br />the foregoing section of this ordinance shall be borrowed in anticipation of,
<br />1' and shall be paid from the proceeds of the sale of bonds, which the Village
<br />hereby undertakes and pledges itself to issue in anticipation of the collettion of special assessments upon the lots and lands specially benefited by
<br />said improvement, and may be borrowed in such amounts as needed to-pay the
<br />estimate allowed to the contractors as the work progresses, pro tosses and the cost of
<br />legal advertising and any other charges than may, -be legally charged against
<br />said improvement,,but the total sum so 'borrowed shall, in no event, exceed
<br />j the mount specified in Section 1 hereof." Notes for the amounts borrowed
<br />shall be issued by the Mayor and Clerk and shall be signed and sealed as
<br />municipal bonds are signed and sealed and shall state on their face the 1'
<br />purpose for which they are issued. ` Said notes shall be dated the date upon
<br />which said funds are borrowed and shall be made to mature on.or before two
<br />y (2) years from date of first note. Said notes, shall bear interest at the
<br />rate of six (6%) percent per annum, payable at the maturity thereof, or
<br />;g the time same are fully paid, and shall be issued in denominations of not-
<br />EY ,
<br />
|