|
A 'A
<br />?
<br />i
<br />CITY OF NORTH OLMSTED
<br />oxDznrA.vcE No. k .L 3
<br />By
<br />AN ORDINANCE TO PROVIDE FOR THE TSSUANCE OF $592,000 RE-
<br />NEWAL NOTES IN 11TITICIPATION OF THE ISSUANCE OF BONDS TO
<br />PAY THE CITY'S PORTION OF THE COST OF IlM1.'ROVING COLUMBIA
<br />ROAD A1VD CERTAIlV OTHER STREETS AND PUBLIC El1SIIMElVTS BY
<br />CONSTRUCTIlVG SANITARY SEGTERS, SEWL'R CURB CONNECTIONS AND
<br />NECESSARX APPITRTENANCES, TNCLUDING NECESSARY STREET RE-
<br />SURFACIlVG AND RESTORATION OF DRATNAGE FACTLITIES (CON-
<br />TRACT N0. 15), AND DECLARING AN EMERGENCY.
<br />.
<br />WHEREAS, this Council by Ordinance No, 70-46 authorized the issuance of notes
<br />in the amount of $950,000 to pay the estimated property owners' portion and the
<br />estimated City's portion of the cost of the improvement described in Section 1 of
<br />this ordinance, which notes were retired with the proceeds of the $950,000 renewal
<br />notes issued pursiiant to Ordinance No. 71-26, the notes issued pursuant to the
<br />latter ordinance having a maturity date of March 10, 1972; and
<br />WHEREAS, the property owners' portion of the cost of said improvement is be-
<br />ing provided for from assessments paid in cash and from part of the proceeds of
<br />the $410,000 assessment bonds being issued pursuant to Ordinance No. 72-8, and
<br />Council has determined to issue renewal notes for the City's portion of the cost
<br />of said improvement, the praceeds of which will b e used to retire the outstand-
<br />ing notes at matuxity; and
<br />WHEREAS, the fiscal officer of the City has certified the maximwn maturity
<br />of bonds anticipated and to the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l. That it is nereby declared necessary to issue bonds of the City
<br />of North 0lmsted in the principal sum of $592,000 for the purpose of paying the
<br />City's portion of the cost of improving Columbia Road, Gessner Road, Evelyn Drive,
<br />I'leanor Drive, Florence Avenue, Root Road, Duane Road, Silverdale Road, Selhurst
<br />Road, Kennedy Ridge Road, Butternut Ridge Road-and certain easements between the
<br />teMnini set forth in Resolution No. 69-177, adopted October 21, 1969, by construct-
<br />ing sanitary sewers, sewer curb connections and necessary appurtenances, including
<br />necessary street resurfacixg and restoration of drainage facilities, said sewer
<br />improvanent being known as Contract No. 15.
<br />Section 2. That said bonds shall be dated approximately March l, 1973, shall
<br />bear interest at the estimated rate of six and one-half per centum (6-1/2%) per
<br />annum, pay,able semi-annually, until tne principal sum is paid, and shall mature
<br />in thirty substantially equal annual installments after their issuance. ----
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds and to provide funds for the retirement of the
<br />? a.foresaid notes maturing March 10, 1972, it is hereby declared necessary to issue
<br />and there sha11 be issued notes of said City in the principal amount of $592,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding four per centum (4%) per anrnun, payable at
<br />maturit,y, and at such rate after maturity not exceeding eight per centtun (8°fo) per
<br />annum, as may be fixed by the Director of Finance in his awaxd of said notes at
<br />private sale. Such notes sha11 be dated March 10, 1972, sha11 mature March 9,
<br />1973, and shall be in such denominations as may be requested by the purchaser.
|