70-182 Ordinance - Laserfiche WebLink

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CTTY OF NORTH OIMSTED ORDINANCE N0. f `O -/p•2... ~ ~- AN ORDIN~iNCE AUTHt)RIZIl~G THE ISSUANCE OF NOTES IN ANTICIPATION OF THE IS~3UA~1'CE 0~' BONHS AID 0~ THE bEV3C A1~I'l. COI~CTI Off' BTAL ASSES TO PAY THE PROF ' POR'PIt~ 4F TSE C0~ OF I1~ROV- ]1~. CERTAIN S S I3Q Tffi BR~PON RIDt~E SUBd~IVISION B7C CONSTRtTCTIlIG S~'DLKAI~S ~ AND ~C AN ffi~HOCY. W~REAS, the Council of the City of North Olmsted has heretofore by proper legislatioa~ declared the necessity of constructing the improvement described in Section 1 of this ordinance; and WS~REAS, based upon actual construction bids received and estimates of other costs,. Council has found and determined that the total estimated cost of said improvement will not be less than $1.0,800; and WSEF~AS, the fiscal officer of the City has certified the maximum maturity of the bonds and notes proposed too be issued for such improvement; NOW, THEREFORE, BE IT ORT~4INED by the Council of the City of North Olmsted, Cuyahoga County, Ohio.: Section l: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of 10,800 for the purpose of paying, in anticipation of the collection of special. assessments, the property owners' portion of the cost of constructing sidewalks at those locations on Bretton Ridge Drive, Huntington Drive, Wellington Drive, Westminster Drive, Stearns Road, Chadbourne Drive and Warrington Drive specified in Resolution No. 70-126, adopted July 21, 1970, where the property owners have not constructed sidewalks in front of their premises. Section 2; That saa.d bonds sha11 be dated approximately December 1, 1971, shall bear interest at the estimated rate of five per centum (5'~,) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation. of the levy and coLtection of special assessments for the above described improvement, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $10,800. Section ~+; That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per centum (7g6) per annum, payable at maturity, and at such rate after maturity not exceeding. eight per centum (8~6) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated as of the date of issuance, shall mature one year from said date, and sha11 be in such denaninations as may be requested by the purchaser. Section 5: Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in. Federal Reserve funds of the United States of America at the main office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the purposes for which they are issued and that they are issued pursuant to this ordinance.