77-070 Ordinance - Laserfiche WebLink

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:. CITY OF NORTH OLMSTED ORDINANCE N0. ~7 70 AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF NORTH OLMSTED TN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF PAYING THE PROPERTY OWNERS' PORTION OF THE COST OF REPLACING AND REPAIRING CONCRETE SIDEWALKS AT SUNDRY LOCATIONS IN THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, a $37,000 note was issued pursuant to Ordinance No. 76-82 in anticipation of the bonds herein authorized, which note matures on July 21, 1977; and WHEREAS, there is available the sum of $20,790 which Council has determined to apply against the principal amount of the outstanding note, and Council has determined it necessary to issue the bonds herein authorized to provide the remaining funds necessary to retire the outstanding note at its maturity; and WHEREAS, the fiscal officer of this City has 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, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $16,210 in anticipation of the collection of special assessments heretofore levied for the purpose of paying the property owners' portion of the cost of replacing and repairing concrete sidewalks at the locations specified in Resolution Nos. 74-114, 74-115, 74-116 and 74-117, adopted July 16, 1974, where such sidewalks have not been replaced or repaired by the abutting property owners pursuant to the option contained in such resolutions. Section 2. Said bonds shall be issued in the principal amount of $16,210 for the purpose aforesaid. The said bonds shall be dated June 1, 1977, shall be issued in the denomination of $1,000 each, except bond No. 1 which shall be of the denomination of $1,210, shall be numbered from 1 to 16, both inclusive, and shall bear interest at the rate of six per centum (6%) per annum, payable semi-annually on the first day of June and the first day of December of each year, beginning June 1, 1978, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear 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: $3,210 on December 1, 1978; $4,000 on December 1, 1979; and $3,000 on December 1 of each of the years from 1980 to 1982, inclusive; which maturities are hereby determined to be in substantially equal annual in- stallments.