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. ~ v~~~Ir~rAN~~ ruTo. 2~~~,..
<br />BY: NFr. Baker. AN U~~DI"rJANCE EX~f~;NDING `f HE rJ1t1.`1'Ui~I`1Y
<br />OF C:~RTAIN NOTES HERETOFORE ISSUED
<br />LY THL CITY.
<br />WHEREAS, the Council on the 6th day of December, 1955, duly
<br />passed Ordinance No. 2240, entitled "An Ordinance to Provide for the
<br />issuing of Notes in Anticipation of the bevy of Special Assessments
<br />and in Anticipation of the Issuing of Bonds in Anticipation of the
<br />Collection of Special Assessments for the Improvement of Lansing Drive
<br />its Entire Length, within the City of North Olmsted, by Constructing
<br />Therein a Water Maintt and similar Ordinance No. 2243, entitled ttAn
<br />Ordinance to Provide for the Issuing of T~Totes in Anticipation of the
<br />Levy of Special Assessments and in Anticipation of the Issuing of Bonds
<br />,~, in Anticipation of the Collection of S`~ecial Assessments for the Imprave-
<br />went of Martin Drive from Porter Road to its Southerly End, by Construct-
<br />ing `Eherein a Water Mainf', which ordinances in part provided for the
<br />issuance of notes of the City in the respective principal sums of
<br />X40,500.00 and X50,700.00 or a total of ~g1,200.00 to provide funds for
<br />the installation of water mains in the portions of Lansing Drive and
<br />Martin Drive in said ordinance described, said notes to bear interest
<br />at a rate not exceeding 2-1/4~ per annum, payable at the maturity of
<br />said notes, to be dated the day of delivery to the purchaser thereof
<br />and to mature one year from the date thereof, and
<br />WHEREAS, pursuant to such authorization such notes were in
<br />fact issued, dated January 24, 1956, bearing interest at the rate of
<br />2-1/4~ per annum, sold pursuant to law and delivered to the purchaser,
<br />The National City Bank of Cleveland, and the proceeds received and
<br />applied to the purposes for which the same were issued, and
<br />WHEREAS, unexpected and avoidable. difficulties have arisen
<br />to prevent the completion of the improvements mentioned in the time
<br />anticipated, the levy of special assessments to pay the cost thereof,
<br />and the issuance of bonds in anticipation of tY~ collection thereof,
<br />with the proceeds of which said notes are ultimately to be paid, and
<br />WHEREAS, The National City Bank of Cleveland as the holder
<br />of said notes has requested and agreed that the maturity thereof shall
<br />be extended to the first day of July, 1957, said notes to bear interest
<br />at the rate of 2-1/2f per annum during the period of such further exten-
<br />sion, payable at the maturity as extended.
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUI~ICIL OF THE CITY OF
<br />NURTH OLA~ISTED, STATu OF OHIO::
<br />Section 1. That the maturities of said notes of the City of
<br />North Olmsted, Ohio, heretofore issued in accordance with the ordinances
<br />hereinbefore set forth in the aggregate sum of X91,200.00, having been
<br />dated and issued the 24th day of January, 1956, bearing interest at the.
<br />rate of 2-l/4~ per annum payable one year from the date of issuance by
<br />agreement of the parties thereto, which notes are now held by The Nat-
<br />ional City B ank of Cleveland, be and the same are further extended to
<br />the first day of July, 1957, said notes to bear during such further
<br />period of extended life and maturity interest at the rate of 2-1/2o per
<br />annum during the period of such extension, payable at the maturity as
<br />extended.
<br />Section 2. That the Clerk be ar~d he is hereby authorized and
<br />directed to make such other and further arrangements with The ryatiohal
<br />City Bank of Cleveland not inconsistent with this ordinance and the laws.
<br />of the State of Ohio .relating thereto as shall be necessary to carry
<br />out the provisions hereof, to forward a certified copy of this Ordinance:
<br />to The National City Bank of Cleveland for inclusion in the transcripts of
<br />the proceedings relating t,o the issuance and sale of said original notes.
<br />to said bank, and further, to forward a certified copy hereof to the
<br />Auditor of Cuyahoga County.
<br />Section,. That this Ordinance and the subject matter thereof
<br />be and the same are hereby declared to be an emergency measure within
<br />the provisions of the 1 aw of the State of Ohio relating thereto, immed-
<br />iately necessary for the preservation of the public safety and welfare,
<br />
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