1052 Ordinance - Laserfiche WebLink

Home Browse Search

C~DINANCE N0. f~~, ~~~. ORDIldANCE TO PROVIDIE FOEt THE ISSUING CtE' NOTffi IN ANTIGIPATION _OF THE LEVY OF SPEC TAL ~ ~ ~ ~~ .AND IAt ANT ICIPAT IC[d GF THE. ISSUING ~' BC~1D3 IN ANTICIPATION OF THE C(~LECTIO~T ~ SPACIAL AS~~3~"-SSM~NTS FOR THE II~RO'VE~+~f .C~ CANTERBURY ROAD (NO. 2) FRCM NORTH L1I1E tiE` COE RIDGE INV~STMEZi1T COI~9PANY TO NORTHERLY GIIYY LINE, BY CC1dSTRUCTING THEREIN A WATER MAIN WHEEi~AS, the Council of the City of North Olmsted has heretofore, by proper legislation, declared the necessity of improving Canterbury Road (No. 2) from North Lane of Coe Ridge Investment Company to Northerly City Line, by constructing therein a water main. WIC, this Council contemplates the use of ~35,300.0o for the purpose of paying the portion of said improvement, which. is to be paid by assess- ments; now, therefore, BE IT ORDAINS BY THE COUNCIL OF THE CITY OF NC~tTH C~SSTED, STATE OF OHIO: Sec__, tion 1. That it is hereby declared necessary to issue bonds of the City of North.0lmsted in the principal sum of ~35,300.0o for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Canterbury Road (No. 2) from North Line of Coe Ridge Investment Company to Northerly City Line by constructing therein a water main. Sec_ Lion 2. That said bands sha11 be of the denomination of X1,000.00 each, except bond No. 1 which sha11 be X300.00, and shall be dated October 1, 1954, and shall bear interest at the rate of not to exceed four (4) per cent per annum, payable semi-~arinuat1y on the first days of April and Oetober._of each year until tine principal sum i.s paid, and. shall mature in ten annual installments after their issuance. Section That for the purpose of raising money in anticipation of the levy of special assessments and in anticipation of the issuance of bonds in antici- pation of the collection of special assessments for the improvement of the above named street by constructing therein a water main in accordance with the legis- lation heretofore passed by the City Council with respect thereto to pay the property owners= share of the cost and expense of said respective improvement, it is hereby declared necessary to issue and there sha11 be issued, note or notes of the City of North Olmsted in the sum of X35,300.00, which shall. be placed to the credit of the Canterbury Road Water Improvement Fund in the amount of X35,300.00. Section That such anticipatory note or notes 3n the amount aforesaid shall be issued bearing interest at a rate not exceeding three and one-half (~~ per cent per annum, payable at the maturity of said note or notes; said note. or. notes sha11 be dated as of the date said note or notes axe sold, and shal.1. mature on September 30, 1954; such note or notes sha11 be executed and delivered in such manner and such denominations as may be requested by the purchaser of said note or notes . Section Said note or notes sha11 be executed by the Mayor and the City Auditor; sha11 bear the seal of the corporation, they shall be payable at the office of the National City Bank of Cleveland, North Olmsted Office, in the City of North Olmsted, Ohio; they sha11 express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance. Sec___ tion_6. A11 assessments collected for the improvement aforesaid and unexpended balance .remaining in the fund after the cost and. expense of said