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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 70
<br />BY??ZlzL?? , -
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<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTFS IN A14I'ICIPA-
<br />TION OF THE LEVY OF SPECIAL ASSESSMENTS AIJD IN ANTICIPATION OF
<br />THE ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION AND
<br />TIiE CITY' S PORTION OF THE COST OF DSPROV.LNG gRADLEY ROAD AND
<br />CERTAIN OTIiER S'I'REETS. I1.ND PUl3LIC EASEMENTS BY CONSTRUCTING
<br />SANITARY SEWERS, SEWER CUIR3 CONNECTIONS AND NECESSARY AI'PUR-
<br />TEN.ANCES, INCLUDING NECESSARY STRE? RESURFACING AND RESTORA-
<br />' TION OF DRAINAGE F'ACILITIES (CONTRACT N0. 16), AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, the Council of the City of North Olmsted has heretofore by proper
<br />legisla.tion declared the necessity of constructing the improvement described in
<br />Section 1 of this,ordinance; and ,
<br />WHEFEAS, Council, based upon actual construction bids received a.nd estimates
<br />of other costs, has found and determined that the total estimated cost of said
<br />improvement will not be less than $1,61+2,000;
<br />NOW., THEREFORE2 BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio;
<br />Section'l: That it is hereby declaxed necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,642'000 for the purpose of paying,
<br />in anticipation of the collection of special assessments, the property owners'
<br />portion, and also to pay the City's portion of the cost of improving Bradley Road,
<br />Barton Road, Charles Avenue, Lorain Road and certain easements between the termini
<br />set forth in Resolution No. 69-14, adopted February 4, 1969, by constructing
<br />sanitary sewers, sewer curb connections and necessary appuxtenances, including a
<br />sewage lift station, and force main, necessaxy street resurfacing and restoration
<br />of drainage facilities, said sewer improvement being known as Contract 16. Of
<br />said amount, the property owners' portion is $387,957 and the City's portion is
<br />$1,254, a43 • .
<br />Section 2: That said bonds shall be dated approximately February 1, 1971,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2%)
<br />per annum, payable semi-annuaLty, until the principal.-sum is paid, and shall
<br />ma.ture in twenty substantially equal annual instal].ments after their issuance.
<br />Section 3: That for the purpose of raising money in anticipation of the
<br />levy and collection of special assessments a.n.d of the issuance of the aforesaid
<br />bonds to pay the property owners' portion and the City's portion of the cost of
<br />the above described improvement, it is hereby declaxed necessary to issue and
<br />there shall be issued notes of said City in the principal amount of $1..642.,000.
<br />cw Section 4: That such anticipatory notes in the amount aforesaid shall bear
<br />3nterest at such rate not°exceeding seven per centum (71/1.) per annum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centum (?o) per
<br />annum, as may be fixed by the Director of Finance in his awaxd of said notes at
<br />private sale. Such notes shall be dated as of the date of issua.nce, shall mature
<br />one year fram said date, and shall be in such denarttinations as may be requested
<br />by the purchaser.
<br />Section 5; Such notes shall be signed by the Niayor and Director of Finance
<br />and bear the seal of the corporation. They shall be payable in Federal Reserve
<br />funds of the United States of America at the main office of the National City
<br />Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the purposes
<br />for which they are issued and that they are issued pursuant to this orcL.nance.'
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