68-056 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. AN ORDINA.NCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL AS- SESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' AND TIE CITY'S PORTIONS OF THE COST OF IMPROVING CANTERBURX ROAD AND SFIEEI''BRIAR DRIVE BY IN- STALLING SAIVITARY SE6dERS, SEG7ER CURB CON- NECTIONS AND OTHER NECESSARY APPURTENANCES, APID DECLARING AN EMERGENCY. ti•7HEREAS, pursuant to Ordinance No. 67-99 passed March 21, 1967, a note in the amount of $146, 371 and dated April 19, 1967 was heretofore issued for the purpose hereinafter mentioned, which note has no-vr matured; and j,,MREAS, this Council has now determined to issue a new note and retire the presently outstanding note with the proceeds thereof; and 'v7HEREAS, the fiscal officer of the City has certified the maximum maturity of such bonds to be five years, and of such notes to be five years from the date of the issuance of the original note, to wit: April 19, 1972, if publicly sold, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINID by the Council of the City of North 0lmsted, 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 $146,371 for the purpose of paying the property owners` portion, in anticipation of the collection of special assessments, and the City's portion of the cost of improving Canterbury Road and Sweetbriar Drive by installing sanitary sewers, sewer curb connections and other necessary appurtenances between the termini and in the manner provided in Resolution No. 66-251, adopted September 20, 1966. Of said amount the City's portion is $36,983, and the property owners' por- tion is $109,388• Section 2: That said bonds shall be dated approximately April l, 1969, sha11 uear interest at the estimated rate of four and one-quarter per centum (4-1%4%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty 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 afore- said bonds for the above described improvement and to retire the outstanding note, it is hereby declared necessary to issue and there shall be issued a note oi' said City in the principal amount of $146,371. Section 4: That such anticipatory note in the amount aforesaid shall bear interest at the rate of four per centum (4%) per annum, such interest to 'ae payable at maturity. Such note shall be d.ated as of the date of its issuance, and shall mature on or before one year from said date. Section 5: Such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall Ue payable at the office _-" The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6: All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs a.nd expenses of said improvements have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for.