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CITY OF NORTH OLNSTED
<br />ORDINANCE N0.
<br />,
<br />BY
<br />AN ORDINANCE AUTHORIZIIVG THE ISSUAIVCE OF BONDS
<br />IN ANfiICIPATION OF THE COLLECTION Or SPECIAZ
<br />ASSESSPurMS TO PAY THE, PROPERTY OWNERSt PORTION
<br />OF THE COST OF COTdSTR[TCTING CERiAIPd SANITARY SEwER
<br />INPROVEMEVTS (CONTRACTS 15 AND 16), AND DECLARING
<br />AN EMERGEVCY.
<br />WHEREAS, Council has heretofore declared the necessity of construct-
<br />ing the improvements described in Section 1 hereof; and
<br />WHEREAS, notes in the a,ggregate principal amounts of $950,000 and
<br />$1,642,000 are presently outstanding which were issued pursuant to Ordinance
<br />Nos. 71-26 and 71-27, respectively, to pay the property owners' portion and
<br />the City's portion of the improvements described in Section 1 hereof, which
<br />notes mature on March 14, 1972; and
<br />WHEREA,S, Council has determined to issue the bonds herein authorized,
<br />the proceeas of' which z,iilla be used along with cash payments of assessments
<br />to pay the property owners' portion of the aforesaid notes issued in anticipa-
<br />tion of these bonds; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City, h as
<br />heretofore certified the estimated life of the improvements and the maximum
<br />maturity of the bonds proposed to be issued;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. 2'hat it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted, Ohio, in the principal sum of $410z000. in anti-
<br />cipation of the collection of special assessments heretofore levied to pay
<br />the property owners' portion of the cost of constructing the following im-
<br />provements, the amount of such bonds allocated to each improvement being as
<br />follows:
<br />Improvement Amount
<br />Sewer Contract 15 -- Improving Columbia Road, Gessner Road, $219,000.
<br />Evelyn Drive, Elearior Drive, Florence Avenue, Root Road,
<br />Duane Road, Silverdale Road, Selhurst Road, Kennedy Rid.ge
<br />Road, Butternut Ridge Road and certain easements between
<br />the -termini set forth in Resolution No. 69-177, adopted
<br />October 21, 1969, by constructing sanitary sewers, sewer curb
<br />connections and necessary appurtenances, including necessary
<br />street resurfacing and restoration of draina.ge facilities.
<br />Sewer Contract 16 -- Improving Bradley Road, Barton Road, $191,000.
<br />Charles Avenue, Lorain Road and certain easements between
<br />the termini set forth in Resolution No. 69-14, adopted
<br />February 4, 1969, by constructing sanitary sewers, sewer curb
<br />connections and necessary appurtenances, incl.uding a sewage
<br />lift station and force main, necessary street resurfacing and
<br />restoration of draina,ge facilities.
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