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CITY OF P30RTH OL14STED ORDINANCE I+TO . BY- Aid ORDIiVA;1CE AUTHORIZITdG THE ISSUAIdCE OF BONDS BY TFiE CITY OF NORTH OLMSTED IN ANTICIPATION OF i'ifL COLLEC- TIOPd OF SPECIAL ASSESSMEIdTS FOR THE PURPOSE OF PAYING THE PROPERTY OWi`3E;RS' PORTIOTJ OF THE COST OF PAVING GREAT NORTHERN BOULEVARD AIVD Ih1PROVING CANTERBURY ROAD AND SWLETBRIAR DRIVE BY INSTALLING SANI'i'ARY SEWERS, .AND DECLARIP;G AN EMERGEPJCY. WHk;REAS, a note in the amount of $142,600 was issued pursuant to Ordinance No. 67-197 to pay the property owners' portion and the City's portion of the cost of paving Great Tdorthern Boulevaxd, which note matures on October 6, 1968 but is subject to redemption at any time; and WHEREAS, a note in the am.ount of $146,371 was issued pursuant to Urdinance 1Yo. 68-56 (renewing a note issued pursuant to Ordinance No. 67-99) to pay the property owners' portion and the City's portion of the cost of improving Canterbury Road and Sweetbriar Drive by installing sanitary sewers, which note matures on April 19, 1969 but is sub,ject to redemption at any time; and WHEREAS, Council has determined to fund the City's portions of such notes with separate bond issues; and WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto- fore certified the estimated life of the improvement and the maximum maturity of the bonds proposed to be issued, NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Ohio: Section l. ^lhat it is hereby declaxed necessaxy to issue bonds of the City of North Olmsted in the principal sum ot' $168,000 in anticipation of the collection of special assessments heretofore levied for the purpose of paying the property owners' portion of the cost of improving Great Northern Boulevard from Lorain Road to Brook- paxk Road by grading, draining, curbing and paving with concrete, together with all necessary appurtenances thereto and improving Canterbury Road and Sweetbriar Drive by installing sanitary sewers, sewer curb connections and other necessary appurtenances between the termini and in the ma,nner provided in Resolution No. 66-251 adopted September 20, 1966. Section 2. Said bonds shall be issued in the principal amount of $168,000 for the purpose aforesaid. The said bonds shall be dated June l, 19e8, shall be issued in the denomination of $1,000 each, shall be numbered from 1 to 168, both inclusive, and shall bear interest at the rate of five per centum (5%) per annum, payable semi- annually on the first day of June and the first day of December of each year beginning June l, 1969, 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 beax 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: $8,000 on Uecember 1 in each of the years from 1969 to 19$0, inclusive; and $9,000 on December 1 in each of the years from 1981 to 1988, inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. Said bonds shall be executed by the Mayor and Director of Finance and sha11 beax the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or litho- graphed thereon. They shall be designated "Special Assessment Bonds, Series 1968-111 , and shall be payable in lawful money of the United States of America at the main office