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Ordinance No. 764
<br />By IUIr. 1 Cri der.
<br />AN ORDINANCE
<br />TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE
<br />LEVY OF,SPECIAL ASSESSMENTS AND IN ANTICIPATION,OF THE
<br />ISSUING OF BONDS IN ANTICIPATION.OF THE COLLECTION OF SPECIAL
<br />ASSESSMENTS FOR THE IMPROVEMENT OF.CERTAIN.STREETS THEREIN.
<br />NAMED BY SURFACING SAME OTH BITUMINOUS MACADAM OR OTHEIVIISE
<br />IMPROVING THE SAME.
<br />WHEREAS the Council of the Village,of North Olmsted
<br />has heretofore, by proper legislation, declared the necessity
<br />Of improving certain streets hereinafter named by surfacing
<br />same with bituminous macadam or otherwise improving the same,
<br />and
<br />WHEREAS this Council contemplates the use of
<br />$20,100.00 for the purpose of paying the portion of said
<br />improvements which are to be ` paid by assessments and that
<br />it will require not to exceed $700,00 to care for interest
<br />maturing previous to the receipt of,the assessments from
<br />Which such interest is ultimately to be paid, either upon
<br />the bonds or notes hereinafter provided for, making an aggre-
<br />gate amount of $20,800.00; now, therefore,
<br />BE IT ORDAINED by the Council of the Village of
<br />North Olmsted, State. of .Ohio:
<br />Section 1. Mat it is hereby declared necessary
<br />to issue bonds of, the Village of North Olmsted in the principal
<br />sum of 620,800.00 for the purpose of'raising money in anticipa-
<br />tion of the collection of special assessments for the improve-
<br />ment of _
<br />Frank Avenue, its entire length, by surfacing
<br />name with bituminous macadam,'and
<br />Marion Road, from Clague Road to West 230th
<br />Street, and West 230th Street, from the north
<br />Village line to'Clifford Drive, by surfacing
<br />same withUtuminous macadam.
<br />Section 2. That said bonds shall be of the denomina-
<br />tion of $5000.00 each except the first bond which shall be
<br />in the sum of $800.00; shall be dated September 1, 1949, and
<br />shall bear interest at the rate of not to exceed four per cent
<br />Per annum, payable semi - annually, on the first days of April
<br />and October of each year, until the principal sum is paid, and
<br />shall mature in five annual installments after their issuance.
<br />Section 3. .That for the purpose of raising money in-
<br />anticipation of the levy of special assessments and in anti-
<br />ciPation of the issuance of bonds in anticipation of the
<br />collection of special assessments for the improvement of the
<br />above named streets by surfacing same with bituminous macadam
<br />or otherwise improving the same in accordance with the legisla-
<br />tion heretofore passed by the Village Council with respect
<br />thereto to pay the property owners share of the cost and expense
<br />Of said respective improvements., it is hereby declared necessary
<br />to issue, and there shall be issued, notes of the Village of
<br />North Olmsted in the sum of $20,800.00, which shall be placed
<br />to the credit of the paving funds in the respective amounts
<br />set opposite the same, to wit:
<br />Frank Avenue, its entire length .......$ 6,310.00
<br />Marion*
<br />Road, from Clague Road to West
<br />230th Street,' and West 230th Street,
<br />from the north.Village line to
<br />Clifford Drive.' .............:.......:. 14,490.00 ,
<br />Provided., however, that the appropriation hereinabove made for
<br />Paving or otherwise improving the streets above listed is
<br />i
<br />1f
<br />i
<br />AN ORDINANCE
<br />TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE
<br />LEVY OF,SPECIAL ASSESSMENTS AND IN ANTICIPATION,OF THE
<br />ISSUING OF BONDS IN ANTICIPATION.OF THE COLLECTION OF SPECIAL
<br />ASSESSMENTS FOR THE IMPROVEMENT OF.CERTAIN.STREETS THEREIN.
<br />NAMED BY SURFACING SAME OTH BITUMINOUS MACADAM OR OTHEIVIISE
<br />IMPROVING THE SAME.
<br />WHEREAS the Council of the Village,of North Olmsted
<br />has heretofore, by proper legislation, declared the necessity
<br />Of improving certain streets hereinafter named by surfacing
<br />same with bituminous macadam or otherwise improving the same,
<br />and
<br />WHEREAS this Council contemplates the use of
<br />$20,100.00 for the purpose of paying the portion of said
<br />improvements which are to be ` paid by assessments and that
<br />it will require not to exceed $700,00 to care for interest
<br />maturing previous to the receipt of,the assessments from
<br />Which such interest is ultimately to be paid, either upon
<br />the bonds or notes hereinafter provided for, making an aggre-
<br />gate amount of $20,800.00; now, therefore,
<br />BE IT ORDAINED by the Council of the Village of
<br />North Olmsted, State. of .Ohio:
<br />Section 1. Mat it is hereby declared necessary
<br />to issue bonds of, the Village of North Olmsted in the principal
<br />sum of 620,800.00 for the purpose of'raising money in anticipa-
<br />tion of the collection of special assessments for the improve-
<br />ment of _
<br />Frank Avenue, its entire length, by surfacing
<br />name with bituminous macadam,'and
<br />Marion Road, from Clague Road to West 230th
<br />Street, and West 230th Street, from the north
<br />Village line to'Clifford Drive, by surfacing
<br />same withUtuminous macadam.
<br />Section 2. That said bonds shall be of the denomina-
<br />tion of $5000.00 each except the first bond which shall be
<br />in the sum of $800.00; shall be dated September 1, 1949, and
<br />shall bear interest at the rate of not to exceed four per cent
<br />Per annum, payable semi - annually, on the first days of April
<br />and October of each year, until the principal sum is paid, and
<br />shall mature in five annual installments after their issuance.
<br />Section 3. .That for the purpose of raising money in-
<br />anticipation of the levy of special assessments and in anti-
<br />ciPation of the issuance of bonds in anticipation of the
<br />collection of special assessments for the improvement of the
<br />above named streets by surfacing same with bituminous macadam
<br />or otherwise improving the same in accordance with the legisla-
<br />tion heretofore passed by the Village Council with respect
<br />thereto to pay the property owners share of the cost and expense
<br />Of said respective improvements., it is hereby declared necessary
<br />to issue, and there shall be issued, notes of the Village of
<br />North Olmsted in the sum of $20,800.00, which shall be placed
<br />to the credit of the paving funds in the respective amounts
<br />set opposite the same, to wit:
<br />Frank Avenue, its entire length .......$ 6,310.00
<br />Marion*
<br />Road, from Clague Road to West
<br />230th Street,' and West 230th Street,
<br />from the north.Village line to
<br />Clifford Drive.' .............:.......:. 14,490.00 ,
<br />Provided., however, that the appropriation hereinabove made for
<br />Paving or otherwise improving the streets above listed is
<br />
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