2564 Ordinance - Laserfiche WebLink

Home Browse Search

.,,,•' R 08DI~1ANCE NO. ~.5~ ~ BY:. Mr. I~Bi OBDI~T~tCE TO P80QIDE Fab TIME L~3~I~fG .. .. 4F H~2ES IN ~tTICIPATIQH ,f~F ~ ~3 OF' SgECI~..A~SE~ TS ~ IH ,PIG2PATI 4F THE- I~~1~y'G 63F' $ETIS ~TIGT~'gTlt)~t OF THE G~GTIQ~ OF 3PEC=,~ A3SE~ ~: FOR. ~gE - I~P~ ` ~' 41P. F'lT~ RQAD~ BUTT'T ~IIIGE ~fIAD TD . g~} ~1"TY' .I'E BY Ct9T'8tiG'TI~'t~ ~tD - I1~ST~~tG A. FI'9'E FOOT CQW ~~G . ~ Ef)T$ SIDES TiE~', __ Whereas, the Ceuneil of the Citp °f ~lorth Olast®d has heretofore by proper legislation, determined that.the i.mprovemeat of Fitch mad from Butternut 8idge $sad to the south Gity lis® by c®nstructing aai installing a five foot concrete public sid4~ralk os_bet~. aides Cher®ef is necesaa~,rp for the immediate preservation of the public health, peace, sa~ety ar~d welfar®, and Whereas, this Council contemplates the use of ~3©,$60.00 far the purpose of paying the porti©n of said impr°vement, which is t° b® paid. by assessments. 11it~d, THEREFQxE, BE IT OF31?t~INED BY THE COUNCIL OF THE CITY OF NORTH OI~ISTED, STATE OF OHIQ ~ - . 5uection 1 That it is hereby declared neceas to issue bends of the Ctg °° -~~ Olmsted in the principal sum 0f X3060.00 fer the purpose of raising m°nep i.r~. anticipati°a °f the callecti®n °f special asss®santenta for the improveaeat °f Fitch $°ad frQm Butternut E3dge $~-ad t° the south C.itp lin®, by c°nstructir~ and installing- a five f°°t c°ncrete public sidewalk on both sides thereof::.,. ~e~t3,~,2. That said bonds shall be of tha den°minatien °f $1,DOD.OO ea¢~i~ exeept that B°nd ~'°. 1 shall be for ~60;QQ, shall be dated December 1, 195$, and shall bear interest at the rate of not to exceed four (L~.~) per cent per annu~a, payable semi.-sanually on the first days ®f duns and-December of each pear until the principal sum is paid, and shall.ma.ture~ in ten annual installments aftertheir issuance. etion That for the purpose of raising magep in anticipa~- tion ©f the ~e4Y -° special assessments sad in anticipatiea of tha issuance of bonds is anticipation of the collectimn of special aaseasmenta far the impPOVement of the ab®Ye named street by constructing therein a rive f°ot concrete public sidewalk on both sides thereof in accordance with th® legis- latien heretof°re passeal by the C3tp Council r~i.th respect thereto t° pap the property ownerst share of the cast and expense of said respective improve- ment, it is hereby declared necessary to issue and there shall be issued, note or notes of the Citp of Nvrth Olmsted in the sum of ~30,~60.~0, which shall be placed to the credit o f the Fitch Reload Sidewalk Impr®vement Fund in the amca~uat of X30,$60.00, . S:ection„~„ That such anticipatory note or n°tes in the amount aforesaid ~- ae -issued bearing inter®st at a rate n°t exceeding four per cent (l~.y~) per annum., payable at the maturity of said note or n°tes;: said note-or--notes shall be dated as ®f the date said note ar notes are sold, and shall mature on or before one pear after date; such note or notes shall be executed and deliverJld in such manner and such denomina- tuns as map be requested by the purchaser of said n°te or not®s. _S~cti°n Said note or notes shall be executed by the plapor and the fit-p-sudit°r; shall bear the seal of the c°rp°ratieu; they-shall be payable at .the office of The National Gitp Bank of Cleveland, N°rth Olmsted office, in the Gitp of North Olmsted, Ohio; they shall eacpress upon-their face the purpose for which they are issued an .d that they are issued pursuant t° this Ordinance.