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CITY OF NORTH OLMSTED
<br />. BY O%L. e7Z .
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES IN ANTICIPATION
<br />OF THE LE,'VY OF SPECIAL ASSESSMENTS AND TN ANTICTPATION OF THE
<br />ISSUANCE OF BONDS TO PAY THE PROPERTY OWNERS' PORTION AND THE
<br />CZTY' S PORTION OF THE COST OF INIPROVING BRADLEY RQAD AND CERTAIN
<br />OTM STREhTS AND PUBGIC EASEMENTS BY CONSTRUCTING SAlYITARY SEWERS,
<br />SEWER CURB CONNECTIONS AND NECESSARY APPURTENANGES, INCLUDING
<br />NECESSARY STREET RESURFACING AND RESTORATION OF DRAINAGE EACII,I-
<br />TIES (CON'I'RACT N0. 16), AND DECLARING AN EMERGENCY.
<br />WHEREAS, this Council by Ordinance No. 70-47 authorized the issuance
<br />of notes in the amount of $1,642,000 to pay the esti.mated property owners'
<br />portion and the estimated City's portion of the cost of the improvement des-
<br />cribed in Section l of this ordinance; and
<br />WHEREAS, pursuant to said ordinance notes in the amount of $1,642,000
<br />were issued, which notes mature on March 12, 1971; and
<br />WHEREAS, Cauncil has determined to issue renewal notes for the property
<br />awners' portion and the City's portion of the cost of said improvement, the
<br />proceeds of which will be used to retire the outstanding notes at maturity; and
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds anticipated and to the notes herein authorized;
<br />NOW, TFEREFORE, BE IT ORDAINED by the Council of the City of North
<br />0]msted, Cuyahoga County, Ohio:
<br />Sectian l. That it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $1,642,000 for the purpose of
<br />paying, in anticipation of the collection of special assessments, the praperty
<br />owners' portion, and also to pay the City's portion of the cost of impraving
<br />Bradley Road, Barton Road, Charles Avenue, Lorain Road and certain easements
<br />between the termini set forth in Resolution No. 69-14, adopted February 4, 1969,
<br />by constructing sanitary sewers, sewer curb connections and necessary appurtenances,
<br />including a sewage lift station and force main, necessary street resurfacing and
<br />restoration of drainage facilities, said sewer improvement being known as Con-
<br />tract 16. Of said amount, the property owners' portion is $387,957 and the City's
<br />portion is $1,254,043.
<br />Section 2. That said bonds shall be dated approximately February l,
<br />1972, shall bear interest at the estimated rate of six and one-half per centum
<br />(6-112°fo) per annum, payable semf-annually, until the principal sum is paid,
<br />and shall mature in twenty substantiaLl.y equal annual installments after their
<br />issuance.
<br />Section 3. That for the purpose of raising money in anticipation of
<br />?'"` the levy and collection of special assessments and of the issvance of the afore-
<br />?'" said bonds to pay the property awners' portion and the City's portian of the
<br />cost of the above described improvement, and to provide funds for the retire-
<br />ment of the aforesaid notes vlaturing March 12, 1971, it is hereby declared
<br />necessary to issue and there shall be issued notes of said City in the principal
<br />amount of $1, 642 , 000 .
<br />Section 4. That such anticipatory notes in the amount aforesaid sha11
<br />bear interest at such rate not exceeding seven per centum (7%) per annum, payable
<br />at maturity, and at such rate after maturity not exceeding eight per centum (8%)
<br />per annum, as may be fixed by the Director of Finance in his award of said notes
<br />at private sale. Such notes shall be dated March 12, 1971, shall mature Mal?ch 10,
<br />1972, and shall be in such denominations as may be requested by the purchaser.
<br />ORDINANCE N0. ?"- /
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