62-012 Ordinance - Laserfiche WebLink

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CITY OF NORTH ULi~"iSTED OR'~I NANCE NO. 62 - ,/,~ AN ORL)INAi`~TCE Tfl PROVIDE FOR THE ISSUANCE AND SALE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE COST OF CONSTRUC`:I'ING A FIVE FOOT CONCRETE PUBLIC SIDEWALK ON BOTH SIDES OF CANTERBURY ROAD FROM LORAIN ROAD NORTHERLY 'Ir7 THE NORTHERLY CITY LIMITS, 'uVHERE NOT ALREADY INSTALLED, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Resolution No. 61-162, enacted on August 21, 1961, a note in the principal amount of Fifteen Thousand Dollars ($15,000.00) was authorized for the purpose hereinafter stated to mature on or before March 1, 1962; and WHEREAS, such note has been issued to the North Olmsted Branch of The National City ?3ank of Cleveland in the amount of Fifteen Thousand Dollars ($15,000.00) dated October 2, 1961 ; and WHEREAS, because of delays in construction and delays in the assessment of the cost of said improvement, Council has determined that it is impossible to issue the bonds anticipated by said note in order to retire the same; and WHEREAS, it is necessary for the immediate preservation of the public peace, property, health and safety and to preserve the credit of the City to issue a new note to retire at maturity such outstanding note and said Bank has agreed, subject to prior rejection of the note by the nirector of Finance to purchase said note on behalf of the Bond Retirement Fund of tie City, to purchase such new note bearing the terms hereinafter provided; and WHEREAS, the Director of Finance has certified as to the maximum maturity of the bonds anticipated and the note herein authorized, which note may not exceed one year from March 1, 1962, and teas certified to this Council the estimated life of the improvement as ten years and the maximum maturity of such bonds as ten years. NOW, TH:EI2EI~vRE, ~3E IT OR,»INED by the Council of ,, ., the City of North Olmsted, Ohlo: ~. Section 1: It is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of Fifteen Thousand Dollars ($15,000.00) for the purpose of paying the entire cost of constructing a five foot concrete public sidewalk on both sides of Canterbury Road from Lorain Road northerly to the northerly City limits, where not already installed.