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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ? •.Z ?f'
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<br />By
<br />C
<br />AN ORDINANCE AU`iHORIZING THE ISSUANCE OF $1,100, 000 RE-
<br />NEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS TO
<br />PAY THE CITY'S FORTION OF THE COST OF IMPROVING DOVER
<br />CENTER ROAD AND CERTAIlV OTHER STREETS AND PUBLIC EASE-
<br />? MEN'rS BY COIVSTRUCTING SAIVITARY SEWERS., SE4JER CURB CON-
<br />NECTIONS AND NECESSARY APPtJRTENANCES.1 INCLUDIIVG FORCE
<br />MAIN, SEWAGE PUMPING STATION, NECESSARY STREET RESUR-
<br />FACII3G AND RESTORATION OF DRAINAGE FACILITIES (CONTRACT
<br />12), AND DECLARING AN EMERGENCY.
<br />1+1HEREAS, this Council by Ordinance No. 70-62 authorized the issuance of notes
<br />in the amount of $1,100,000 to pay the City's portion of the cost of the improve-
<br />merit described in Section 1 of this ordinance, which notes were retired with the
<br />proceeds of the $1,100,000 renewal notes issued pursuant to Ordinance No. 71-25,
<br />the notes issued pursuant to the latter ordinance having a maturity date of 14arch
<br />24, 1972; and
<br />WHE}.?EAS, Council has determined to issue renewal notes for the City's portion
<br />of the cost of said improvement, the proceeds of which will be used to retire the
<br />outstanding notes at maturity; and
<br />WHIIREAS, the fiscal officer of the City has certified the maximtun maturity of
<br />bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />CiWahoga County, Ohio:
<br />Section l. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $1,100,000 for the purpose of payin.g the
<br />City's portion of the cost of improving Dover Center Road, Porter Road, Martin
<br />Drive, North Park Drive, East Park Drive, West Park Drive,, Douglas Drive, Alden
<br />Drive, Evergreen Drive., Willet Drive, Broxbourne Road, Wellesley Avenue, Whitehaven
<br />Avenue, Ea.mhurst Road, Lorain Road, Ranchview Avenue; West Ranchview Avenue, and
<br />certain public easements between certain termini by constructing sanitary sewers,
<br />sewer eurb connections and necessary appurtenances,ineluding a force main and sew-
<br />age lift station, necessary street resurfacing and xestoration of draina,ge facili-
<br />ties, a11, as provided in Resolution No. 68-142, adopted September 3, 1968.
<br />Section 2. That said bonds sha11 be dated approximately March l, 1973, sha11
<br />bear interest at the estimated rate of six and one-half per centtun (6-1/2%) per
<br />annum, payable seqni-annually, unti.l the principal sumis paid, and sha11 mature in
<br />thirty substantially equal annual instellments after their issuance,
<br />? Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonas and to provide funds for the retirement of the
<br />aforesaid notes maturing March 24, 1972, it is hereby declared necessary to issue
<br />and there sha11 be issued notes of said City in the principal amount of $1,100,,000.
<br />Section 4. That such anticipa,tory notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding four per centum (4°fo) per annuum, payable at
<br />maturity, and at such rate after maturity not exceeding eight per centwn (8f) per
<br />anmun, as may be fixed by the Director of Finance in his award of said notes at
<br />private sa1e. Such notes sha11 be dated March 24, 1972, sha11 mature March 23,Y1973,
<br />and sha11 be in such denominations as may be requested by the purchaser.
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