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<br />BY
<br />CITY OF NORTIi OIMSTED
<br />ORDINANCE N0.
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A 1VOTE
<br />IN ANTICTPATION OF THE LEVY OF SPECIAL ASSESSMENTS
<br />AND IN AIi'rICTPATION OF THE ISSUANCE OF BONDS TO PAY
<br />THE PROPERTY OWNERS' AND THE CITY'S PORTIONS OF THE
<br />COST OF IMPROVING GREAT NORTHERN BOULEVARD BY
<br />INSTALLING STORM AND SANITARY SEWERS, WATER MAIN,
<br />SEWER AND WATER CURB CONNECTIONS TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THER?ETO? AND DECIARING AN
<br />II'QERGENCY.
<br />WHEFiEAS, pursuant to Ordina,nce No. 67-105 passed March 21, 1967, a note in
<br />the amount of $142,500 a.nd dated June l, 1967 was heretofore issued for the
<br />purpose hereinafter mentioned, which note matures June l, 1968; and
<br />WHEREAS, rthis Counc3l hao- now determined to issue a new note and retire the
<br />presently outstanding note with the proceeds thereof; and
<br />WHEREAS, the f3scal officer of the City has certified the maximum ma.turity
<br />of such bonds to be five years, and of such notes to be five years from the date
<br />of the issuance of the origina,l n.ote, to wit; June 1, 1972, if publicly sold,
<br />or one year if sold at private sale;
<br />NOWI,THEREFORE., BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1; That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $142,500 for the purpose of paying,
<br />in anticipatian of the collection of special assessments, the property owners'
<br />portion, and also to pay the Cityts portion of the cost of improving Great
<br />Northern Boulevard fran Lorain Road to Brookpark Road by installing storm and
<br />sanitary sewers; water main, and sewer and water curb connections, together with
<br />all necessary appurtenances thereto, as provided in Resolution No. 67-8, adopted
<br />January 3, 1967. Of said amount, the property owners' portion is $110,840 and
<br />the City's portion is $31,660. Section 2; That said bonds shall be dated approximately April l, 1969,
<br />shall bear interest at the esti.mated rate of four per centum (4%) per a,nnum,
<br />payable semi-annually, until the principal swn is paid, and shall ma,ture in
<br />twenty substantially equal annual instal]ments after their issuance.
<br />Section 3; That for the purpose of ra,ising money in anticipa,tion of the
<br />levy and collection of special assessments and of the issuance of the aforesaid
<br />bonds f-or the above described 3mprovement and to retire the outstand3ng note,
<br />it is hereby declared necessary to issue and there shall be issued a note of said
<br />City in the principal am.ount of $142,500.
<br />Q Section 4: That such anticipatory note in the amount aforesaid shall bear
<br />interest at the rate of four per centum (4°6) per annum, such interest to be
<br />payable at maturity. Such note shall be dated Jurie 1,:1968 and shall tnature
<br />on or before June l, 1969.
<br />Section 5; Such note shall be executed by the Ma,yor and Director of Finance
<br />and bear the seal of the corporation. It shall be payable at the office of The
<br />National City Ba.nk of Cleveland, Cleveland, Ohio, and shall express upon its face
<br />the purpose for which it is issued a.nd that it is issued pursuant to this ordina.nce.
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