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<br />CITY OF NORTB OIMSTED
<br />ORDINANCE N0 . ~D
<br />BY /~i?itJ, y~i~,a~L~„t~_
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<br />AN ORDINANCE AUTHORIZING T8E ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE .ISSUANCE t?i~ BONT16 A1QI1 OF T
<br />LEVY AND COLLEC`t'IOlQ OF SEAL AS~ES~TS TO. FAY
<br />TSE PROPEI'~fiY ' POR~t3-N OF THg C('~T OF.IMF''ROVII~
<br />'DOVER ROAD A1~D C~I~ATFi QT$~'R SAS AND PI1$LIC
<br />EAS . ~ r5 BY CONSTRtICTI1MG . SANITY Ste, _ SEWER CURB
<br />CONNECTIONS APID NE~S,Y APPU~i!~ANC.C~S, INCLUDING
<br />FORCE MAIN, SL't~E PtJM~'THG STAT~OI~~ NECESSARY STR~~ ET
<br />RESUREACI~G AND R'ESTOR~ION 4F . DRA~~GE FACILSTIP~S
<br />(CONTRACT 12) , AND DECLA~2I.NG AN ~ENCY.
<br />WHERL`,AS, this Council by Ordinance No. 6g-1 authorized the issuance of a
<br />note in the aQnount of $1,870,000 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 />W~R'C,AS, pursuant to said ordinance a note in the amount of $1,870,000 was
<br />issued, which note matures on March ~$, 1970; and
<br />WHEREAS, Council has determined to issue separate renewal. notes for the
<br />property owners' 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 />WTU~EAS, the fiscal officer of the City has certified the maximum maturity
<br />of bonds and notes for said improvement;
<br />NOW, FORE, BE IT ORDAIlJ.E'D by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio;
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $725,000 for the purpose of paying, in
<br />anticipation of the collection of special. assessments, the property owners' portion
<br />of the cost of improving Dover Center Road, Porter Road, Martin Drive, North Park
<br />Drive, East Park Drive, West Park Drive, Douglas Drive, Alden Drive, Evergreen
<br />Drive, Willet Drive, Broxbaxrne Road, Wellesley Avenue, Whitehe~ven Avenue, Elm-
<br />hurst Road, Lorain Road, Ranchview Avenue, West Ranchview Avenue, and certain
<br />public easements between certain termini by ,constructing sanitary sewers, sewer
<br />curb connections and necessary appurtenances, including a force main and sewage
<br />lift station, necessary street resurfacing and restoration of drainage facilities,
<br />all as provided in Resolution No. 6$-1~+2, adopted September 3, 196$.
<br />Section 2. That said bonds shall be dated apprcucimately July {, 1~~~ sha11
<br />bear interest at the estimated rate of six and one-half per eentum 6-1 per
<br />annum, payable semi-annually, until the principal sum is paid, and shall mature
<br />in twenty 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 in anticipation of the levy and collection of
<br />special assessments for the above described improvement, and to retire the property
<br />owners' portion of the aforesaid outstanding note, it is hereby declared necessary
<br />to issue and there shall be issued notes of said City in the principal amount of
<br />$725,000.
<br />Section 4. That such anticipatory notes in the amount af~s~ d shall aa'z"
<br />interest at such rate not exceeding seven per centum (79~) ~' r cent ~a(~) par
<br />maturity, and at such rate after maturity not exceeding eight pe
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