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

Home Browse Search

s � Ordinance o ._ �r By Mr. AN ORDIN AN CE TO PROVIDE FOR THE ISSU3NG OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND 19 .ANTICIPATION OF THE ISSUING- OF BONDS IN .ANTICIPATION OF THE COLLECTION-OF SPECIAL 'ASSESS MELTS FOR THE 'IMPROVEMENT OF DOVER CENTER °ROAD, FROM .LORAIN ROAD TO THE NORTH LINE `OF THE ` PROPERTY OF THE SUBURBAN LAND, CORPORA- TION,, BY CONSTRUCTING THEREIN WATER MAIL.' WHEREAS the "Council of the Village of North Olmsted has heretofore, by proper legislation,_`declared the necessity of improving Dover. Eenter: Road; :-ftom-�'Lorain.:RBad ,to the north line of the property of the Suburban Land Corporation, by con - structing therein a water main, and WHEREAS this Council ccntemplates the use of $33,800.00 for the purpose of ' paying the portion- of said improvement which is 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 $33,800.00 for the purpose of raising money in anticipa- tion of the collection of special assessments for the improve- ment of Dover Center Road, from Lorain Road to the north line of the "property of . the Suburban Land Corporation. Section 20 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 August 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 street 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 improvement, it is hereby declared necessary to .is sue,. -, and there shall be issued, _notes Hof ,.the - Village of North Olmsted in the sum of §33,800.00, which shall be p ace to the credit of the water main fund for Dover Center Road, from Lorain Road to the north .line of the property of the Sub - urban Land Corporation. Section 4. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at the rate of three and one -half per cent (32 %) per annum, payable at_ the maturity of said notes; said notes shall be dated August. 1, 1950, snd shall mature on July 31, 1951; such notes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said notes. Section 5, Said notes shall be executed by the Mayor and the Village Clerk; shall bear the seal of the corporation; they shall be payable at the office of the Bank of Berea Company, North Olmsted Branch, in the Village of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance.