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<br />CITY OP FTOP,TH OLIfSi'ED
<br />ORDINAi`dCE N0. ?_ ??
<br />By- _I?
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS BY THE
<br />CITY OF NORTH OIIASTED IN ANTICIPATIOId OF THE COLLEC-
<br />3'IOPl OF SPECIAL ASSES5MENTS FOR THE PURPOSE OF IMPROVING
<br />SHERWOOD DRIVE BY CONSTRUCTING A CULVERT, PALM DRIVE BY
<br />GRADING, DRAINIP;G, PAVING, CONSTRUCTIi1G STORM AdD SA,tiITARY
<br />SE6•TERS AIID SIDEWALKS, AND SOUTHERIJ AVETq[JE BY INSTALLING A
<br />WATER MAIN ATdD SANITARY SEWER CONNECTIONS, AND DECLARIi1G
<br />AN EMERGENCY.
<br />vJHEREAS, a note in the amount of $16,000 was issued pursuant to Ordinance iio.
<br />67-200 for the Sherwood Drive improvement, a note in the amount of $27,800 was issued
<br />pursuant to.Ordinance Ido. 67-196 for the Palm Drive improvement, and a note in the
<br />amount of $15,600 was issued pursuant to Ordinance No. 67-249 for the Southern Avenue
<br />improvement, all of said notes being subject to redemption at the option of the City
<br />at any time; and
<br />WH.EREEIS, the Director of Finance, as fiscal officer of this City, has hereto-
<br />fore certified the estimated life of the improvement and tYie maxirium maturity of the
<br />bonds proposed to be issued,
<br />Ohio:
<br />idOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Section l. That it is hereby declared necessary to issue bonds of the City of
<br />idorth Olmsted in the principal sum of $61,270 in anticipation of the collection of
<br />special assessments heretofore levied for the purpose of paying the property owners'
<br />portion of the cost of improving Sherwood Drive and the public watercourse traversing
<br />Sherwood Drive by constructing a culvert and the necessary appurtenances thereto where
<br />such watercourse traverses Sherwood Drive at a point approximately 150 feet south of
<br />Windsor Drive; Palm Drive by grading, draining, curbing, paving and constructing
<br />storm and sanitary sewers, sewer curb connections and sidewalks, together with the
<br />necessary appurtenances between the termini and in the manner provided in Resolution
<br />No. 67-157; and Southern Avenue by constructing a water main with the necessary
<br />appurtenances, including water service connections, and by installing sanitary sewer
<br />connections, between the termini and in the manner provided in Resolution P1o. 65-277.
<br />Section 2. Said bonds shall be issued in the principal amount of $61,270 for
<br />the purpose aforesaid. The said bonds shall be dated June 1, 1968, shall be issued
<br />in the denomination of $1,000 each, except bond Tdo. 1 which shall be in the denomination
<br />of $1,270, sha11 be numbered from 1 to 61, both inclusive, and shall beax interest
<br />at the rate of five per centum (5%) per annum, payable semi-annually on the first
<br />day of June and the first day of December of each year beginning June 1, 1969, until
<br />the principal sum is paid, as evidenced by the coupons attached thereto; provided,
<br />however, that if the bonds are sold beaxing a different rate of interest than herein
<br />specified, such bonds shall beax such rate of interest as may be provided in the resolution
<br />of Council approving the awaxd thereof. Such bonds shall mature in their consecutive
<br />serial order as follows:
<br />$6,270 on December 1, 1969;
<br />$6,000 on December 1 in each of the years from 1970 to 1977, inclusive; and
<br />$7,000 on llecember 1, 1978;
<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 and Director of Finance
<br />and sha11 bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall beax the facsimile signature of the Director of Finance printed or litho-
<br />graphed thereon. They shall be designated "Special Assessment Bonds, Series 1968-2",
<br />and shall be payable in lawful money of the United States of America at the main office
<br />of The Ivational City Bank of Cleveland, Cleveland, Ohio.
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