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<br />CITY OF NORTH OLMSTED
<br />ORDZNANCE N0.
<br />,.?
<br />BY
<br />AN ORDINATICE AUTHORIZING THE ISSUANCE OF NO'rES IN
<br />ANTICIPATION OF THE IaSUANCE OF BONDS TO PAY 'I'HE
<br />CITY t S PORTION OF TI-E COST OF IMPROVTNG DOVER
<br />CENTER ROAD AND CERTASN (YI.'FiTR STREEIS AND PUBLIC
<br />F.,ASEMENTS BY COIJSTRUCrING SAD3ITARY SEWERS, SEWER
<br />CURB CON1,1" ;CTZONS AND NFCESSARY APPUR E ANCES , TN-
<br />CLUDING FORCE MAIN, SEWAGL PLTMPING STATTON? NECES -
<br />SARY STREET RESURFACING AND RESTORATION OF DRAINAGE
<br />FACILITTES (CQNTRACT 12). AND DECLARING AN M-RGENCY.
<br />` WHERP?A,S, this Council by Ordinance No. 69-1 authorized the issuance of a
<br />note in the amount of $1,870,000 to pay the estimated property o*vmers' portion
<br />($774,435) and the estimated City's portion ($1,095,565) of the cost of the im-
<br />' provement described in Section 1 of this ordinance; and
<br />WI-fEREA.S, pursuant to said erdinance a note in the amount of $1,870,000 was
<br />issued, which note matures on March 28, 1970; and
<br />W.HERF,AS, Council has determined to issue separate renewal notes i'or the
<br />property owners' portion and the.City's portion of the cost of said improvement,
<br />the proceeds of wiiich, together vrith prepaid cash assessments, will be used to
<br />xetire the outstanding no-L-e at its maturity;
<br />WIEREAS, the fiscal officer of the City has certified the maximum maturity
<br />of bonds and notes for said improvement;
<br />NOW, THEREFORE, BE IT ORDASIVED 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 $1,100,000 for the purpose of paying
<br />the City's portion of the cost of improving Dover Center Hoad, Porter Road,
<br />Martin Drive, North Park Drive, Last Park Drive, West Park Drive, Dougl.as Drive,
<br />Alden Drive, Evergreen Drive, Willet Drive, Broxbaurne Road, Wellesley Avenue,
<br />Whitehaven Avenue, Elmhurst Road., Lorain Road., Ra,nchview Avenue, Wes-t Ranchviesl
<br />Avenue., and certain public easements between certain termini by constructing
<br />sanitary sewers, sewer curb connections and necessary appurtenances, including a
<br />force main and sewage lift station, necessary street resurfacing and restoration
<br />oi' drainage facilities, all as provided in Resolutioii No. 68-142, adopted
<br />September 3, 1968.
<br />Section 2. That said bonds shall be dated aUproximately rTarch l, 1971, shall
<br />bear interest at the estimated rate of six and one-ha,l'L per centum (6-1/21ilo) per
<br />annum, payable semi-a,nrnzally., until the principal sum is paid, and shall mature
<br />in thirty substantially equal installments after their issuance.
<br />Section 3. That Far the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds a,nd to retire the City's portion of the aforesaid
<br />outstanding note, it is hereby declared necessary to issue and there sha11 be
<br />issued notes of said City in the principal amount of $1,100,000.
<br />Section 4. That sucli anticipatoxy notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding seven per centum (7%) per annum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (8%) per
<br />annum, as may be fixed by the Director of Finance in his award of said notes at
<br />private saleo Such notes sha11 be dated March 27, 1.070, shall mature on March 26,
<br />1971, and shall be in such deno:ainations as may be requested 'ay the purchaser.
<br />,d
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