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ORDINANCE N0. 79-101 By AN ORDINANCE TO PROVTDE FOR THE ISSUANCE OF $110,000 RENEWAL NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION OF THE COST OF CONSTRUCTING, RE- PLACING AND REPATRING CONCRETE SIDEWALKS AT SUNDRY LOCATIONS IN THE CTTY, AND DECLARING AN EMERGENCY. WHEREAS, there is presently outstanding a$110,000 Sidewalk Improvement Note issued pursuant to Ordinance No. 78-88, which note matures on August 1, 1979; and WHEREAS, this Council has determined 3t necessary to issue the notes authorized herein to provide funds to retire the outstanding note at its maturity; and WHEREAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOW, THEREFORE, BE IT ORDATNED 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 $110,000 for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments, of the cost of constructing, replacing and repairing concrete sidewalks at the locations specified in Resolution Nos. 76-186 and 76-187, adopted January 18, 1477, where such sidewalks have not been constructed, replaced or repaired by the abutting property owners pursuant to the option contained in such resolutions. Section 2. That said bonds shall be dated approxima.tely August l, 1980, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annua.lly, until the principal sum is paid, and shall mature in f ive 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 aforesaid bonds for the above-described improvement and to provide funds for the retirement of the aforesaid outstanding note, it is hereby declared necessary to issue and there shall be issued notes of said City in the princi- pal amount of $110,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding eight per centum (8%) per annum, payable at maturity, with provision, if requested by the purchaser, that in the event of default in the payment of principal of such notes at maturity, the same shall