01-05-1943 to 02-06-1951 Ordinance 620 to 869

Home Browse Search

Ordinance No. By Mr. AN ORDINANCE . TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESS - MENTS FOR THE IMPROVEMENT OF CERTAIN STREETS THEREIN NAMED BY CONSTRUCTING THEREIN WATER MAIN. WHEREAS the Council of the Village of North Olmsted has heretofore, by proper legislation, declared the necessity of improving certain streets hereinafter; named by , constructing therein a water main, and WHEREAS this Council contemplates the use of $46,800.00 fcr the purpose of paying the portion of said improvements which are to be paid by assessments; now, therefore, BE IT ORDAINED by the Council of the Village of North Olmsted, Ohio: Section 1. ''That it is' hereby declared necessary to issue bonds of the Village of North Olmsted in the principal sum of $`'46,800 *00 for the purpose of raising money in anticipa- tion of the collection of special assessments for the improve- ment of - McKenzie Road, from,:Maruschak property to northerly line of Grace Mason's property, by constructing, therein a water.main, and Walter Road, from Gessner Road to Maple Ridge Road, by constructing therein_a water main. Section 2. That,said bonds shall be of the denomina. tion of $1000.00 each, except the first bond which shall be in the sum of $800.00; shall be dated September 1, 1951, and shall bear interest at the rate of not to exceed four per cent per annum, payable semi - annually, on the first days of April and October of each year, until the principal sum is paid, and shall mature in ten annual installments after their issuance. Section 3. That for the purpose.of raising money in anticipation of the levy of special assessments and in anticipa- tion of the issuance of bonds in anticipation, of the collection of special assessments for the improvement . of the above named streets, by constructing therein a water main in accordance with the legislation heretofore passed by the Village Council with respect thereto to.pay the property ownerst share of the cost and expense of said respective improvements, it is hereby declared necessary to issue, and there shall be issued, notes of the Village of North Olmsted in the sum of $46,800.00, which, shall be placed to-the _credit of the water main funds in the respective am©unts set opposite the same, to wit: ah McKenzie Road, from Maruschak property to northerly line of Grace Mason's property, $27,000.00 Walter Road, from Gessner Road to Maple Ridge th \\-ANN Road, $190800.00 is !f 1