65-163 Ordinance - Laserfiche WebLink

Home Browse Search

f Qa ORDIl1A1tt:E N0. :~ ~ ~ 1 J AX ORDI~AHf~B 'i"0 YftOVItI~ ~ ' IASt~ARt~6 t}F A N03~ IN A1pYICIPATIOK OF T~ E,EVY OF SEAL ASSM~ Alm IN AIITICTPATIOif ~' ` ISStL~-HC'H Old BOxD6 'IC- PAY Tim Cwt' OF Iltt3 HAR'i~ll ROAD AifD fRI~TAIN OTNgR S''fi'lIEgZ''' H9t INBTALISIM'3 TIA triATgR MAID AHD 1NSCL53ARY APPURT~- NANCffi, Alm I~CLARING AN II ~'EiG~fCY. iAB, the Council of the City of North Olmsted has heretofore by Proper Utgslation declared the necessity of constructing the improvetment describ+rd in Section 1 tkrerof; N13, Council, based upon actual construction bids received anc3 es- tistates of other costs, has fouind and determined that the total estistltted cast of the property aaners' portion of said improveexnt will not be less than $135,325; NKIii, T~RE!"ORE, HE IT ORAAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio; Section 1. That it is hereby declared necessary to issue bonds of the City of North Olsteted 1n the principal sum of $135,325 far the purpoate of paying, in anticipation of the callecLian of special assesastenta, the cost of improving Barton Road, Handley Road, Mill Rand, Broxbourne Road azd Canterbury Road by installing therein rater atai.ns and necessary appurter~nces between the termini and in the sttt:nner provided in Resolution No. 65-7, adopted January 7, 1955. Ssction 2. That said boctds ahail be dated approximately August 1, 1966, shall bear interest at the estiteated rate of three and one-halt r centum (3-1/2f) Per annc,t~rt, payable semt-a~nuelly, until the principal suet ie pstt, and shall stature in ten substantially equal annual installments after their i ssutance . 3ectlon 3. That for the purpose of raising money in anticipation of the levy and collection of special assess rents and of the issuance of the afore- said bolds for the above described i.mprove~eent, it is hereby declared Yrttaeasnary to issue and there shall be issued a note of said City in the principal aawunt of $135,325• Section k. That such ant patory not tre unt fo said s bear interest at the rate of per eentus ~~~~ per anntait; suc n eras o pays e a ur y, shall be da as of the date of issuance, and shall stature on or before: an~e year from said date. Section 5. Such note shall be executed by the Mayor and Director of Mnance and bear the s~-1 of the corporation. It shall be payable at tb+e office of Titre llatiotsal City Hank of Cleveland, Cleveland, Ohio, sand shall express upon its face the purpose far which it is issued and that it is issurod pursuant to this ordinance. 0