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CITY OF NORTH OLMSTED
<br />ORDINANC E NO. ,Z -•L.L
<br />BY
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $1,275,000
<br />REN?,'f4AL NOTES IlV ANTZCIPATION OF THE ISSUANCE OF BONDS
<br />TO PAY THE CITY'S PORTION OF THE COST OF IMPROVING
<br />BRADLEY ROAD AND CERTAIN OTHIIZ STREETS AND EASEMENTS
<br />BY CONSTRUCTING SANITARY SEFTERSi SEWER CURB CONNECTIONS
<br />AND NF'CESSARY APPURTENANCES, IlVCLUDING 1VECESSARY STREET
<br />RESURFACING AND RESTORATION OF DRAINAGE FACILITIES (CON-
<br />TRACT N0. 16 ), AND DECLARIlVG AN EMMGENCY.
<br />WHEREAS, this Council by Ord:inance No. 70-47 authorized the issuance of notes
<br />in the aznount of $1,642,000 to pay the estimated property owners' portion and the
<br />estimated City's portion of the cost of the improvement described in Section 1 of
<br />this ordinance, which notes were retired with the proceeds of the $1,642,000 re-
<br />newal notes issued pursuant to Ordinance No. 71-27, the notes issued pursuant to
<br />the latter ordinance having a maturity date of b2arch 10, 1972; and
<br />V1HEREAS, the property owners' portion of the cost of said improvement is be-
<br />ing provided for from assessments paid in cash and from part of the proceeds of
<br />the $410,000 assessment bonds being issued pursuant to Ordinance No. 72-8, and
<br />Council has determined to issue renewal notes for the City's portion of the cost of
<br />said improvement, the proceeds of which will be used to retire the City's portion
<br />of the outstanding notes at maturity and to provide additional funds for the City's
<br />portion of the cost of said improvement; and
<br />NBEREAS, the fiscal officer of the Cit,y has certified the maximiun maturity
<br />of bonds anticipated and to the notes herein authorized;
<br />NOW, TI-IEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,275,000 for the purpose of paying
<br />the City's portion of the cast of improving Bradley Road, Barton Road, Charles
<br />Avenue, Lorain Road and certain easements between the termini set forth in Resolu-
<br />tion No. 69-14, adopted I'ebruary 1E, 1969, by constructing sanitary sewers, seVier
<br />curb connections and necessary appurtenances, includirg a sewage lift station and
<br />force main, necessary st.reet resurfacing and restoration of drainage facilities,,
<br />said sewer improvement being known as Contract No. 16.
<br />Section 2. That said bonds shall be dated approximately March l, 1973,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2%)
<br />per anntnn, payable seqni-annuall.y, until the principal sum is paid, and shall
<br />mature in thirty substantially equal annual installments after their issuance.
<br />Section 3. `.['hat for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to provide fla.nds for the retirement of the
<br />? aforesaid notes maturing Mareh 10, 1972? it is hereby declared necessary to issue
<br />and there shall be issued notes of said City in the principal amount of $1,275,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid sha11 bear
<br />interest at such rate not exceeding four per centum (4o) per annum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (8°fo) per
<br />annum, as may be fixed by the Director of Finance in his aSrrard of said notes at
<br />private sa1e. Such notes shall be dated Nlarch 10, 1972, sha11 mature March 9,
<br />1973, and sha11 be in such denominations as may be requested by the purchaser.
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