70-046 Ordinance - Laserfiche WebLink

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-` - X15, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the improvement described in Section 1 of this ordinance; and i~'.REAS, Cownc3.l., based upon actual construction bids received and estimates of other costs, has found and determined that the total estimated cost of said improvement will not be less than 950,000; NOWT TH~FORg~ BE IT ORDAINED 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 $950,000 for the purpose of paying, in anticipation of the collection of special assessments, the property owners' portion, and also to pay the City's portion of the cost of improving Columbia Road, Lessner Road, Evelyn Drive, ffieauor Drive, Florence Avenue, Root Road, Duane Roeui, Silver- dale Road, Selhurst Road, Kennedy Ridge Road, Butternut Ridge Road and certain easements between the termini set forth in Resolution No. 69-177, adopted October 21, 1969, by constructing sanitary sewers, sewer curb connections and necessary appurtenances, including necessary street resurfacing and. restorratior~ of dra3x~age facilities. Of said amount, the property owners' portion is $358,35^ and the City's portion is $591,648. Section 2; That said beds shall be dated approximately February 1, 1971, shall bear interest at the estimated rate of six and one-half par centum (6-1/2'6) per annum, payable semi.-ar~nusl].y, until the principal sum is paid, and sha11 mature in tw~:nty substantially equal annual installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the aforesaid bonds to pay the property owners' portion and the City's portion of the cost of 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 X950,000. Section ~+: That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per centum ('~,} per annum, payable at maturity, and at such rate after maturity not exceeding e3.ght per centum (8!~} per annwn, 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 yeax from said date, and shall. be in such denominations 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. .. ~~