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<br />CIri''Y Or TdORrl'1i OI240STED
<br />•. ''f ,, , ',,.a-'''f ORDINANCE NO.
<br />? ??' ? ? lri? ??y' .(?.t?-.• ?^'.
<br />f
<br />AN ORDINAT.iCL TO PROVIDi FOR TIiE ISSUANCL OP A
<br />NOTE Iid AtdTICIPATION OF 1^HE LEVY QF SFECIAL
<br />SESaF,,IENTS AND IN l1NTICIPfATIOP? OF i'IiE ISSUANCE
<br />OF B0PIDS '1'0 PAY THE PiROPLR`I'Y G,ti''IdEiiS' vT'?D `.I'HF
<br />CITY `S PORTI01`dS OF ThE CO-OT OF I111ROVING
<br />, CANTERPURY ROAD taP1D S;•TFETBRIAR DRIVL I3Y IN_
<br />STe'LLIP3G St1NIT1?RY 5L?4,ERS, S?1ER CURB CON-
<br />iVE(.1'IONS ATdD UTHER TTFCLSSARY APPLTRTETIIANCES,
<br />' A111D DECLEIRI:VG AN 124EftG12T
<br />GY.
<br />;lHERL:'1S, thi:.= Council has heretofore by proper legislation declared
<br />the nece; si-ty of coi:struci;irig the improvernent described in Section 1'nereby,
<br />and has determined tha-t based on the lowest and best bid for the construction
<br />of said ir.-,provement t}ie total estitnated cost of said inzprovement will be not
<br />less thari ..F;; 146, 371. 00 ; and
<br />tdHEREAS, the fiscal off icer has certified to the maximurn maturity
<br />of the bonds ar?ticipated and to the notes herein authorizedo
<br />NOW, THERL;PC7Hi;, BE IT ORDAINM by trie Council of the City of Tdorth
<br />01msted, Cuyahoga County, Qhio:
<br />Section 1: That i? is hereby declared nECessary to issue bonds of
<br />the City of North Olrnsted in the principal surn of $ 146,371.00 for the pur-
<br />pose of paying the property owners' part;ion, i.n antieipation of the collection
<br />of special assessments, and the City's portion of tYie cost of iu-Troving Canterbury
<br />Road and Sweetbriar Drive by installirig sanitary sewers, sewer curb connections
<br />and'other necessary appurtenances between the termini and in the manner pravided
<br />in Resolution Noo 66--251 , adopted September_ 26 , 1966. Of said arnount
<br />the CY'ty's portion is $ 36,983.00 , and the property owners` portion is
<br />$ 109,385.00 ,
<br />Section 2: That said bonds shall bt dated approximately 14arch l,
<br />19e8, shall bear interest at the estimated rate of four and one-quarter per
<br />,,centum (4-1/4%) per annurn, payable semi-annually, until the principal sum is
<br />paid, and shall mature in twcnty substantially equal annual installments after
<br />their issuance.
<br />Section 3; That for the purpose of raising money in ani;icipation ef
<br />the levy and collection of special assessments and of the issuance of the afore-
<br />said bonds for tlle above described improvernent, it :is hereby declared necessary
<br />to issue and there shall be issued a note of said City in the principal amount
<br />of $ 146,371.00
<br />Section 4: '1'Yiat such anticipatory note in the amount aforesaid shall
<br />bear interest at the rate of three and fifty-five hundredths per centum (3•55o)
<br />per annum, such interest to be payable at maturity. Such note shall be dated
<br />as of the date of its issuance, and sha11 mature on or before one year from
<br />said`,date.
<br />Section 5: Such note shall be exECUted bf the Mayor anc7. Director
<br />of Finarice and bear tne seal of the cor, oration. It shall be payable at the ofFice
<br />of The National City Banh of Cleveland, Cleveland, Ohio, and shall express upon
<br />its face the purposp for which it is issl.ied and that it is issued pursuant to
<br />this ordinance.
<br />Section b: Al1 assessments collected for the improvement ai'oresaid,
<br />and any unexpended balance remai.ning in the improvement fund after the costs
<br />and expenses of said irnprovenients have been paid, shall be applied to the pay-
<br />ment of said note and the interest thereon until both are fully provided for.
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