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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. y~~
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<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $1,867,000
<br />RENEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS
<br />TO PAY THE CITY'S PORTION OF THE COST OF IMPROVING
<br />COLUMBIA ROAD AND CERTAIN OTHER STREETS AND EASEMENTS
<br />BY CONSTRUCTING SANITARY SEWERS, SEWER CURB CONNECTIONS
<br />AND NECESSARY APPURTENANCES, INCLUDING A SEWAGE LIFT
<br />STATION AND FORCE MAIN, NECESSARY STREET RESURFACING
<br />AND RESTORATION OF DRAINAGE FACILITIES (CONTRACT NOS.
<br />15 AND 16), AND DECLARING AN EMERGENCY.
<br />WHEREAS, there is now outstanding an issue of $1,275,000 Sewer
<br />Improvement Notes dated March 9, 1973, maturing on March 8, 1974, and
<br />issued pursuant to Ordinance No. 73-10, passed February 20, 1973, which
<br />notes constitute the third annual renewal of the City's portion of the
<br />original $1,642,000 notes dated March 12, 1970 which were issued to pay
<br />the City's portion and the property owners' portion of the cost of the
<br />sewer improvement known as Contract No. 16; and
<br />WHEREAS, there is now outstanding an issue of $592,000 Sewer
<br />Improvement Notes dated March 9, 1973, maturing on March 8, 1974, and
<br />issued pursuant to Ordinance No. 73-11, passed February 20, 1973, which
<br />notes constitute the third annual renewal of the City's portion of the
<br />original $950,000 notes dated March 12, 1970 which were issued to pay
<br />the City's portion and the property owners' portion of the cost of the
<br />sewer improvement known as Contract No. 15; and
<br />WHEREAS, this Council has determined that it is necessary to issue
<br />the renewal-.notes herein authorized to provide funds to retire the afore-
<br />said two issues of outstanding notes maturing on March 8, 1974; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $1,867,000 for the
<br />purpose of paying the City's portion of the cost of improving Columbia
<br />Road, Gessner Road, Evelyn Drive, Eleanor Drive, Florence Avenue, Root
<br />Road, Duane Road, Silverdale Road, Selhurst Road, Kennedy Ridge Road,
<br />Butternut Ridge Road and certain easements between the termini set forth
<br />in Resolution No. 69-177, adopted October 21, 1969, by constructing
<br />sanitary sewers, sewer curb connections and necessary appurtenances,
<br />including necessary street resurfacing and restoration of drainage
<br />facilities, said sewer improvement being known as Contract No. 15, and
<br />for the purpose of paying the City's portion of the cost of improving
<br />Bradley Road, Barton Road, Charles Avenue, Lorain Road and certain
<br />easements between the termini set forth in Resolution No. 69-14, adopted
<br />February 4, 1969, by constructing sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including a sewage lift station and force
<br />main, necessary street resurfacing and restoration of drainage facilities,
<br />said sewer improvement being known as Contract No. 16.
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