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<br />CITY OF I~IORTH OLPiST.FD
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<br />~N ORT)INANCE TO PROVIDE r'UR 'I'FIE ISSUANCE OF NOTES IN ANTICI-
<br />PAT IOA1 OF THE LEVY OF SPECIAL ASSESSn'~NTS AND IN ANT TC IPAT ION
<br />OF THE ISSUANCE OF BONDS TO PAY Tc~F COST OF L'~1PROVING CERTAIN
<br />STREETS IN THE CITY OF NOFTH OLMSTED BY CONSTR"uCTING SANITARY
<br />SE'~nIERS, AND DECLARING AN F~?F,RGENCY.
<br />?nTHFREAS, the Council of the City of North Olmsted has heretofore by
<br />proper legislation declared the necessity o~ improving the streets hereinafter
<br />designated by constructing sanitary sewers, and
<br />~WHERFAS, the Director of Finance, as fiscal officer of the City, has
<br />certified as to the maximum maturity of the bonds proposed to be issued and
<br />also as to the maturity of the notes herein authorized,
<br />NOW, THEREFORE, E IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, three-fourths of all members elected thereto
<br />concurring:
<br />Section l: That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of One Million Three Hundred
<br />Thousand Dollars 01,300,000.00) f'or the purpose of paying, in anticipation
<br />of the collection of special assessments, the cost of improving the following
<br />streets by constructing unitary sewers:
<br />Contract !~. Resolution No. 31lt7 passed November 1, 1960, as amended,
<br />I~Iastick Road, Georgette Rd., Esther Avenue, MacBeth Ave.,
<br />Virginia Avenue, Sumerland Avenue, Mildred Ave., West 232nd
<br />St., TrJest 230th St., Claque Road, Lorain Road, Coe Avenue,
<br />~3irch Lane, Oak Lane, Elm Road, Mildred Ave. Extension,
<br />Sumerland Ave. E:~:tension and Esther Ave. Extension, between
<br />the respective termini shown in such legislation;
<br />Contract taA.
<br />Resolution No. 61-6y passed April !~, 191,
<br />Co_~umbia Rd. and Gladland Ave. between t:~e respective termini
<br />shown in such legislation;
<br />Contract 5. Resolution No. 61-~ passed January 3, 1961,
<br />Claque Road, Lorain Road, 'nest 231 Street, Marion Ave., Clifford
<br />Drive, West 230 St., Alexander Road, Westchester Drive, Olmsted
<br />Drive, ?nest 233 St, ana Park Lane, between the respective termini
<br />shown in such legislation;
<br />..
<br />Contract 6. Resolution No. fil-b passed January 17, 1961, as amended,
<br />tdalter Road, Beech Lane, Leberne Drive, Gessner Road, Rosita
<br />Lane, I`laria Lane, Columbia Road, Mapl.~ Ridge Road, Twin Circle,
<br />Frank Street, Florence Avenue, Theresa Lane, Ambour Drive,
<br />Frank Street Extension, and Beech Lane Extension, between
<br />the respective termini shown in such legislation;
<br />Contract 8. Resolution No. 61-7~t passed May 3, 1961, as amended
<br />Flaherty Rd., Bailey Rd., Whitethorn Ave., Andrus Ave.,
<br />Lucydale Ave., Kennedy Road, Dover Center Rd., Mill Rd.,
<br />Porter Rd., Lorain Rd., Silverdale Rd,, Dewey Rd., Shopping
<br />Center Trunk Sewer and Brookpark Rd. Trunk Sewer between
<br />the respective termini shown in such legislation;
<br />Section 2: That said bonds shall be dated anproximatel~ December i,
<br />1y62, shall bear interAst at the estimated rate of four per centum (4~) per
<br />annum, payable semiannually, until the principal sum is paid, and shall mature
<br />in twenty substantially equal annual installments after their issuance.
<br />Section 3: That for the purpose of` raising money in anticipation of
<br />the ]_evy of special assessments and of the issuance of the aforesaid bonds for
<br />the above described improvement, it is hereby declared necessary to issue and
<br />there shall be issued notes off-' said City in the principal amount of One ?Zillion
<br />Three Hundred Thousand Dollars (~v1,300,000.00).
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