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<br />CITY Or' NORTIi OLP/?;iTED
<br />ORDI14ANCE N0.
<br />By- ??A ? .
<br />AT3 ORDINANCL AUTriORIZII'1G THL ISaUANCE OF B0PIDS BY TiIE
<br />CITY OF iv'ORiH OL10:STEU ITd Ai9TICIPATIOId OF THE COLLEC-
<br />TI01J OF SPLCIAI, ASSESS?•4LTi1TS FOR THE PURPOSE OP' IffiP?20VIPlG
<br />::HERW00D DRIVL BY CO?`TSTRUCTIs3G 1}, Ci1LVL'':E3'1', PA1141 DRIVE BY
<br />GRl1DI1JG, DYAINING, PAVIITG, COP1S`l'RUCTIl'dG STORM A1D ut121ITARY
<br />SEvTERS A;dD SIDEWALKS, AlVU SOUTHERId AVETdUE BY INSTALLIPdG A
<br />jdATLR MAIN AiJD SANITr1RY SE4v'LR COI,TNECTIOPtS, AiJD DECI,JRI1dG
<br />A.Id E14ERGEIvCY.
<br />WHEREAa, a note in the arr±ount of `V16,000 was issued pursuant to Ordinance ido.
<br />? 67-200 for tlie Srierwood Drive improvement, a note in the aniount of ?27,800 was issued
<br />pursuant -Go.Urdinance Ido. 67-196 for the Palm Drive improveLient, and a note in the
<br />amourit of $15,600 was issued nursuant to Ordinance No. 67-249 for the Southern Avenue
<br />improvement, all of said notes being subject to redemption at the option of the City
<br />• at any time; and '
<br />WHEREAS, the llirector of Finance, as fiscal officer of this City, has hereto-
<br />fore eertified the estimated life of the improvement and tYie maximum maturity of the
<br />bonds proposed to be issued,
<br />idOW, THEREFORE, I3E IT ORDAINEU'by the Council of the City of North Olmsted,
<br />Ohio:
<br />Section l. `rhat it is hereb,y declared necessary to issue bonds of the City of
<br />idorth Olmsted in the principal sum of $61,270 in anticipation of the co7.lection of
<br />special assessments heretofore levied for the purpose of paying the property owners'
<br />portion of the cost af improving Sherwood Drive and the public watercourse traversing
<br />Sherwood Drive by constructing a culvert a,nd the necessary appurtena,nces thereto where
<br />such watercourse traverses Snerwood Drive at a point approximately 150 feet south of
<br />FTindsor brive; Palm Drive by gradir.g, draining, curbing, paving and constructing
<br />storm and sanitary sewers, sewer curb connections and sidewalks, together with the
<br />necessary appurtenances between the termini and in the manner provided in Resolution
<br />No. 67-157; and Southern Avenue by constructing a water main with the necessaxy
<br />appurtenances, including water service connections, and by installing sanitary sewer
<br />connections, between the termini and in the manner provided in Resolution No. 65-277•
<br />Section 2. Said bonds shall be issued in the principal a,mount of $61,270 for
<br />the purpose aforesaid. The said bonds sha11 be dated June 1, 7_963, shall be issued
<br />in the denomination of $1,000 each, except bond Tdo. 1 which shall be in the denomination
<br />of $1,270, shall be numbered from 1 to 61, both inclusive, and shall bear interest
<br />at the rate of five per centum (5%) pEr annum, payable seMi--annually on the first
<br />day of June and the first day of December of each year beginning June l, 1969, until
<br />the principal sum is paid, as evidenced by the coupons attacheci thereto; provided,
<br />however, that if the bonds are sold bearing a different rate of interest than herein
<br />specified, such bonds shall beax such rate of interest as may be provided in the resolution
<br />of Council approving the award thereof. Such bonds sha11 mature in their consecutive
<br />serial order as follows:
<br />$6,270 on llecember l, 1969;
<br />$6,000 on December 1 in each of the years from 1970 to 1977, inclusive; and
<br />$7,000 on llecember 1, 1978;
<br />? which maturities are hereby determined to be in substantially equal annual install-
<br />ments.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of Finance
<br />and shall bear the corporate seal of said City. Interest coupons attached to said
<br />bonds sha11 beax the facsimile signature of the Director of Finance printed or litho-
<br />graphed thereon. They shall be designated "Special Assessment Bonds, Series 1968-2'",
<br />and shall be payable in lawful r.money of the United States of America at the main office
<br />of '1'he iuational City Bank of Cleveland, Cleveland, Ohio.
<br />; ?,
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