62-140 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED Ordinance No. 62 _/~D 1~~ U,~~,.~„ AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES~IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSA~ENTS AND IN ANTICTPATION OF THE ISSUANCB OF BONDS TO PAY THE PROPERTY OWNERS' PORTION AND THE CITYrS PORTION OP THFs COST OF CONSTRUCTING A WATER LINE IN WALTBR ROAD, AND DECLARING AN BMERGENCY. WHEREAS, the Council of the City of North Olmsted has heretof ore by proper legislation declared the necessity of improving Walter Road by the construction of a water line therein; aad WHBREAS, the Director of Finance, as Fiscal Officer of the City, has certified as to the maxiz~um maturity of the bonds proposed to be issued and also as to the maturity of the notes herein authorized. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio, three-fourths of all members elected thereto concurring: Section 1: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of Twelve Thousand Five Hundred Dollars ($12,500.00) for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments, to-wit: Six Thousand Two Hun- dred Fifty Dollars ($6250.00), and the city's portion, to-wit: Six Thousand Two Hundred Fifty Dollars ($6,250.00), of the cost of constructing a water ;line and appurtenances thereto in Walter Road in the manner provided in Resolution No. 62-1? adopted February 20, 1962. Section 2: That said bonds shall be dated approximately December 1 ~ 1962, shall bear interest at the estimated rate of three and one-half per centum per annum, payable semi-annually until the principal sum is paid, and shall mature in ten (10) substantially equal installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the levy of special assessments and of the issuance of the of oresaid bonds for the above described improvement, it is hereby 8eciared necessary to issue and there shall be issued notes of said City in the aggregate amount of Twelve Thousand Five Hun- dred Dollars ($12,500.00). ~,a Section 4: That such notes shall be executed and de- livered at such time or times and in such amounts and denominations as may be found by the Director of Finance of this City to be necessary to meet obligations incurred by this Council in making the improvement referred to in Section 1 hereof. Such anticipatory notes shall bear interest at such rate not exceeding three per centum per annum, with provision that in the event of default such notes shall bear interest at such rate not exceeding three and one- half per centum per annum, all to be f~:xed by the Director of Finance in his award thereof at private sale, such interest to be payable at maturity; shall be dated the date of issuance and shall mature on or before one year from the date of issuance of the first note issued hereunder; shall be designated t'Walter Road Water Line Notes"; and shall be numbered consecutively commencing with No. 1.