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. ? <br />,. ... .y?e ?:. <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. <br />By <br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $110,000 <br />RENEWAL NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL <br />ASSESSMENTS AND TN ANTICIPATION OF THE ISSUANCE OF <br />BONDS TO PAY THE PROPERTY OWNERS' PORTION OF THE COST <br />OF CONSTRUCTING, REPLACING AND REPAIRING CONCRETE <br />SIDEWALKS AT SUNDRY LOCATTONS IN THE CITY, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, there is presently outstanding a$110,000 Sidewalk <br />Improvement Note issued pursuant to Ordinance No. 77-95, which note matures <br />on August 1, 1978; and <br />WHEREAS, this Council has determined it necessary to issue the <br />notes authorized herein to provide funds to retire the outstanding note at <br />its maturity; and <br />WHEREAS, the fiscal officer has certified to the maximum maturity <br />of the bonds anticipated and to the notes herein authorized; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahgoa County, Ohio: <br />Section 1. That it is hereby declared necessary to issue bonds <br />of the City of North Olmsted in-°the principal sum of $110,000 for the purpose <br />of paying the property owners' portion, in anticipation of the collection of <br />special assessments, of the cost of constructing, replacing and repairing <br />concrete sidewalks at the locations specified in Resolution Nos. 76-186 and <br />76-187, adopted January 18, 1977, where such sidewalks have not been constructed, <br />replaced or repaired by the abutting property owners pursuant to the option con- <br />tained in such resolutions. <br />Section 2. That said bonds shall be dated approximately August 1, <br />1979, shall bear interest at the estimated rate of six per centum (6%) per <br />annum, payable semi-annually, until the principal sum is paid, and shall mature <br />in five substantially equal annual installments after their issuance. <br />Section 3. That for the purpose of raising money in anticipation <br />of the levy and collection of special assessments and of the issuance of the <br />aforesaid bonds for the above described improvement, and to provide funds to <br />retire the aforesaid outstanding note, it is hereby declared necessary to issue <br />and there shall be issued notes of said City in the principal amount of $110,000. <br />Section 4. Tha.t such anticipatory notes in the amount aforesaid <br />shall bear interest at such rate not exceeding seven per centum (7%) per annum, <br />such interest to he payable at maturity, and may bear interest after maturity <br />at a rate not exceeding eight per centum (8%) per annum, all as may be fixed <br />by the Director of Finance in his award of said notes at private sale. Such <br />notes shall be dated August 1, 1978, shall mature on August 1, 1979, and shall <br />be in such denominations as are requested by the purchaser.