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CITY OF IdORTH OUIIST:Ll
<br />ORDIi3ANCE PdO. "__77
<br />By- , -a."'&-/ .,
<br />Ail ORDIIdANCE AUTHORIZING THE ISSUANCE OF BONDS BY THE
<br />CITY OF NORTH OLN`,STED IN AlVTICIPATION OF THE COLLEC-
<br />TIOTu OF SPECIA.L ASSESSMEVTS FOR THE PURPOSE OF PAYING
<br />`i'HE PROPERTY OWNERS' PORTIOId AIdD THE CITY' S PORTION OF
<br />'1'fIE COST OF CONSTRUCTITJG VARIOUS SIDEWALK IMPROVEMENTS,
<br />AND DECLA.RING AT'd EMERGEl?TCY.
<br />WHEREAS, a note in the amount of $21,750 was issued pursuant to Ordinance 1Vo.
<br />67-217 (renewing a note issued pursuant to Ordinance No. 66-208) to pay the cost of
<br />constructing sidewalks on Alexander Road and Barton Road, which note is subject to
<br />redemption at any time, and a note in the amount of $17,100 was issued pursuant to
<br />Ordinance Pdo. 65-290 to pay the cost of constructing sidewalks on Porter Road and
<br />Columbia Road; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto-
<br />fore certified the estimated life of the improvement and the maximum maturity of the
<br />bonds proposed to be issued,
<br />NOW, THEREFORE, BE IT ORDAIidED by the Council of the City of idorth Olmsted,
<br />Ohio:
<br />Section 1. That it is hereby declared necessa.ry to issue bonds of the City of
<br />North Olmsted in the principal sum of $25,455 in anticipation of the collection of
<br />special assessments heretofore levied for the purpose of paying the property owners'
<br />portion ($19,395) and the City's portion ($6,060) of the cost of improving both sides
<br />of Alexander Road from Clague Road to the easterly corporation line, the northeasterly
<br />side of Barton Road from Lorain Road to the westerly corporation line, and the west
<br />side of Porter Road from Lorain Road northerly to the corporation line by constructing
<br />sidewalks between the termini and in the manner provided in Resolution iVos. 66-109
<br />and b5-143.
<br />Section 2. Said bonds shall be issued in the principal amount of $25,455 for
<br />the purpose aforesaid. The said bonds shall be dated June l, 196£3, shall be issued
<br />in the denomination of $5,000 each,except bond No. 1 which shall be in the denomination
<br />of $455, shall be numbered from 1 to 6, both inclusive, and shall bear interest at
<br />tne rate of five per centum (5%) per annum, payable semi -annually on the first day
<br />of June and the first day of December of each year beginning June 1, 1969, until the
<br />principal sum is paid, as evidenced by the coupons attached thereto; provided, however,
<br />that if the bonds are sold beaxing a different rate of interest than herein specified,
<br />such bonds shall bear such rate of interest as may be provided in the resolution of
<br />Council approving the award thereof. Such bonds shall mature in their consecutive
<br />serial order as follows:
<br />$5,455 on December 1, 1969; and
<br />$5,000 on December 1 in each of the years from 1970 to 1973, inclusive;
<br />which maturities are hereby determined to be in substantially equal annual install-
<br />ments.
<br />Section 3. Said bonds shall be executed by the Mayor a.nd Director of Finance
<br />and shall bear the eorporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or litho-
<br />graphed thereon. They shall be designated "Siaewalk Bonds", and shall be payable
<br />in lawful money of the United States of America at the main office of The National
<br />City Bank of Cleveland, Cleveland, Ohio.
<br />Section 1+. For the purpose of providing the necessary funds to pay the inter-
<br />est on the foregoing issue of bonds promptly when and as the same falls due, and
<br />also to provide a fund sufficient to discharge the said serial bonds at maturity,
<br />there shall be and is hereby levied on all taxable property in the City of North
<br />Olmsted, in addition to all other taxes, a direct tax annually during the period
<br />said bonds are to run in an amount sufficient to provide funds to pay the interest
<br />upon said bonds as and wnen the same falls due, and also to provide a fund for the
<br />discharge of the principal of said serial bonds at rnaturity, which tax shall not
<br />be less than the interest and sinking fund tax required by Section 11 of Article
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