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<br />CITY OF NORTH OLt+~TED
<br />ORDINANCE N0. '70 - ~,Z
<br />AN ORDINANCE AUTHORIZING THE :ISSUANCE OF NOTES IN
<br />ANI'IGZPATIt~ OF THE . ISSUANCE OF BO1~S TO PAY THE
<br />CITX' S POI~ION OF TSE C06T ~' IM~'i~OV1~G DOVER
<br />ROAD A1~D CL~ATAIN OT~R ST:REL ANb PUBLIC
<br />EAS B'Y' CQ1~3'.TRUC~.'I1~G SAI~IT~C SE'i, SCR
<br />CURB CO~rIONS CESSAR~t APF~I'3Rg"'ENANCES, IN-
<br />CLUAING FORGE MASN, SSE PUl~PIZ~ STATION, NECKS -
<br />SARY B'7.'RENT RESU~ACZIlG AND RESTORATION . OF DBE
<br />FACILITIES (CONTRACT 12), A1~D DECLARING AN E~rENCY.
<br />WHEREAS, this Council by Ordinance No. 6g-1 authorized the issuance of a
<br />note in the amount of $1,$70,000 to pay the estimated property owners' portion
<br />($77~+,~35) and the estimated City's portion ($1,095,565) of the cost of the im-
<br />provement described in Section 1 of this ordinance; and..
<br />WHEREAS, pursuant to said ordinance a note in the amount of $1,870,000 was
<br />issued, which note matures on March 28, 1970; and
<br />WHEREAS, Council has determined to issue separate renewal notes for the
<br />property comers' portion and the City's portion of the cost of said improvement,
<br />the proceeds of which, together with prepaid cash assessments, will be used to
<br />retire the outstanding note at its maturity;
<br />WlIEREAS, the fiscal officer of the City has certified the maximum maturity
<br />of bonds and notes for said improvement;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio.:
<br />Section 1. That it is hereby deelaxed necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,100,000 for the purpose of paying
<br />the City's portion of the cost of improving Dover Center Read, Porter Road,
<br />Martin Drive, North Park Drive, East Park Drive, West Park Drive, Douglas Drive,
<br />Alden Drive, Evergreen Drive, Will.et Drive, Braocbourne Road, Wellesley Avenue,
<br />Whitehaven Avenue, Elmhurst Road, Lorain Road, Ranchview Avenue, West Ranchview
<br />Avenue, and certain public easements between certain termini by constructing
<br />sanitary sewers, sewer curb connections and necessary appuzYtenances, including a
<br />force main and sewage lift station, necessary street resurfacing and restoration
<br />of drainage facilities, all as provided in Resolution No. 68-1~2, adopted
<br />September 3, 1968.
<br />Section 2. That said bands shall. be dated appxoximately 1, 197 shall
<br />bear interest at the estimated rate of six and one -half per centum (6-1~2y~,~ per
<br />annum, payable semi-annually, until the principal sum is paid, and shall mature
<br />in thirty substantially equal installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to retire the City's portion of the aforesaid
<br />outstanding note, it is hereby declared necessary to issue and there shall be
<br />issued notes of said City in the principal amount of $1,100,000.
<br />Section ~+. That such anticipatory notes in the amount aforesaid shall. bear
<br />interest at such rate not exceeding seven per centum (7~i) per annum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (€~) per
<br />annum, as may be fixed by the Director of Finance in his award of said notes at
<br />private sale. Such notes shall be dated March 27, 1970, shall mature on March 26,
<br />1971, and shall be in such dencxninations as may be requested by the purchaser,
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