70-135 Ordinance - Laserfiche WebLink

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H. W ,~~ CITY OF NORTH OLI~,TED ORDINANCE N0. O-/.3.,~ BY i~~. ~i~-e.~.,..c~_ AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF BONDS IN ANTICIPATTC~t OF THE COLLECTION f7~E' SPEC?AL ASSESSMENTS HERETOFORE LEVIED TO PAY THE COST OF CONST~TCTING SIDEWALK ON DOVER CESTER ROAD, DECIOrft ROAD AND BARYON ROAD, AND DECLARIIdG AN EMERiGENCY . WHEREAS, Council has heretofore declared the necessity of constructing the sidewalks described in Section 1 hereof, and has determined it necessary to issue bonds to retire outstanding notes issued pursuant to Ordinance No. 69- 182 and Ordinance No. 70-6 in anticipation of the issuance of bonds and the collec- tion of special assessments to finance the cost of said sidewalks; and W~ ' , the Director of Finance, as fiscal officer of the City, has heretofore certified the estimated life of the sidewalks hereinafter described and the maximtun maturity of the bonds proposed to be issued; NOW, THF.EtEE'ORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal amount of $7,560 in anticipation of the collection of special assessments levied to pay the cost of constructing sidewalks on the easterly side of Dover Center Road between Lorain Rand and Butternut Ridge RDad, on both sides of Decker Road between Aii.dvale Avenue and Lorain Road, and on both sides of South Barton Road from Lorain Road southerly 2716 feet. Said bonds shall be issued in one lot and Hates have been issued in anticipation of said bonds. Section 2. Said bonds shall be issued in the principal ammount of $7,560 for the purpose aforesaid. The said bonds shall be dated August 1, 1970, shall be issued in the denomination of $1,890 each, shall be numbered 1 to ~+, both inclusive, and shall bear interest at the rate of seven per centum (7~) per annum, payable on the first day of June, 1971, and semi-annually thereafter until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $1,890 on December 1 in each of the years from 1972 to 1975, inclusive. Provided, however, that if the Director of Finance shall.. accept this issue for purchase into the Bond Retirement Fund, then a single temporary man- uscript bond in the amount of $7,560, numbered M-1, and dated August 1, 1970, shall. be issued in lieu of the series of coupon bonds described in the paragraph im~aediately above and such bond shall be payable to the Director of Finance of the City of North Olmsted as officer in charge of the Bond Retirement Fund, in install- ments of $1,890 on December first in each of the years from 1972 to 1975, inclusive, and shall bear interest at the rate of seven per centum (7°,6) per annum, payable June 1, 1971, and semi-annually thereafter on the first day of June and the first day of December of each year until the principal sum is paid. The principal sum of the temporary manuscript bond and the interest thereon shall be payable at the office of the Director of Finance, North Olmsted, Ohio, in lawful money of the United States of America upon the presentation of such bonds for the proper endorse- ment thereon of such payments. Whenever it seems advisable to the authority having control of the Bond Retirement Fund of the City of North Olmsted, the temporary manuscript bond shall be converted into coupon or registered bonds of the same maturity and rate of interest in accordance with the provisions of Section 133.19 Revised Code, and such definitive bonds shall be issued in exchange of the temporary manuscript bond.