|
CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ~~~!~ j)
<br />
<br />BY ,~~
<br />AN ORDINANCE AUTHORIZIl~ THE ISSUANCE OF BONDS FOR
<br />THE PURPOSE OF PAYING THE CITY`S PORTION OF THE COST OF
<br />INIE'ROVTNG DOVER CENTER ROAD AND CERTA.LDT OTHER STREETS
<br />AND PUBLIC EASEMENTS BY CONSTRUCTIlVG SANITARY SEWERS,
<br />SEWER CURB CONNECTIONS AND NECESSARY AYPIkITENANCffi,
<br />INCLUDING FORCE MAIN, SEWAGE FUMPIlITG STATIC~f, NECESSARY
<br />STREET RESURFACING AND RESTORATION OF DRAINAGE FACILITIES
<br />(CONTRACT 12), AND DECLARIl~R"r AN EMERGENCY.
<br />WHEREAS, $1,100,000 of notes were issued pursuant to ordinance No. 73-12
<br />in anticipation of the bonds herein authorized, which notes mature on March
<br />22, 1974; and
<br />WHEREAS, there is available the sum of $30,000 which Council has deter-
<br />mined to apply against the principal amount of the outstanding notes, and
<br />Council has further determined to issue the bonds herein authorized to provide
<br />the remaining funds necessary to retire the outstanding notes at their maturity;
<br />and
<br />Wf~RF,AS, the fiscal. officer of the City has certified his estimate of
<br />the life of useftitl.ness of the improvement hereinafter mentioned and the
<br />maximum maturity of bonds;
<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 the
<br />City of North Olmsted in the principal sum of $1,070,004 for the purpose of
<br />paying the City's portion of the cost of improving Dover Center Road and
<br />certain other streets and public easements designated in Resolution No.
<br />68-142 by constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, including a force main and sewage lift station, necessary
<br />street resurfacing and restoration of drainage facilit ies (Contract 12).
<br />Section 2. Said bonds shall be issued in the principal amount of
<br />$1,070,000 for the purpose aforesaid. The said bonds shall be dated March 1,
<br />1974, shall be issued in the denomination of $5,000 each, shall be numbered
<br />from 1 to 214, both inclusive, and shall bear interest at the rate of five
<br />and one-quarter per centum (5-1~4~) per annum, payable semi-annually on the
<br />first day of June and the first day of December of each year beginning
<br />December 1, 1974, until the principal sum is paid as evidenced by the
<br />coupons attached thereto; provided, however, that if the bonds are sold
<br />bearing a different rate of interest than herein specified, such bonds
<br />shall bear such rate of interest as may be provided in the resolutian of
<br />Council approving the award thereof. Such bonds shaL1. mature in their
<br />consecutive serial order as follows:
<br />35,000 on December 1 in the years 1975 and 1976; and
<br />,000 on December 1 in each of the years from 1977 to 2001, inclusive,
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />Section 3. Said bonds shall be signed by the Mayor and Director of Finance,
<br />provided that one of such signatures may be a facsimile signature, and sha11
<br />bear the corporate seal of said City. Interest coupons attached to said bonds
<br />sha11 bear the facsimile signature of the Director of Finance printed or
<br />lithographed thereon. They shall be payable in lawful. money of the United
<br />States of America at the main office of National City Bank, Cleveland, Ohio.
<br />
<br />
|