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<br />C",ITY OF NORTH OLMSTID
<br />ORDINANCE N0. 1-00010
<br />BY
<br />AN ORDINANCE AUTHORIZ.LNG THE ISSUANCE OF NOTES ZN ANTICIPATION
<br />OF THF ISSIIANCE OF F3OPdDS TO PAY THE CITY' S PORTION OF THE GOST
<br />OF IMPROVING DOVER CU1TER ROAD AND CERTAIN OZ'HER STREETS AND
<br />PUBLIC EASEMENTS BY CONSTRUCTING SANITARY SEta'ERS, SE6JER CURB
<br />CONNECTIONS AND NECFSSARY APPURTENANCES, 7N(,LUDING FORCE MAIN,
<br />SEtdAGE PUNIPING STATION, NECESSARY STREET RESTJRFACING AND
<br />RFSTORATION OF DRR.INAGE FACILITIES (CONTRACT 12), AND DECLARIIVG
<br />AN EMERGENCY.
<br />, WHEREAS, this.Council by Ordinance No. 70-62 authorized the issuance
<br />of notes in the amount of $1,100,000 to pay the estimated City's portion of the
<br />cost of the improvement described in Section 1 of' this ordinance; and
<br />WHEREAS, pursuant to said ordinance notes in the amount of $1,100,000
<br />wex~e issued, which notes mature on Ma.rch 26, 1971; and
<br />WHEREAS, Council has determa.ned ta issue renewal notes for the City's
<br />portion of the cnst of said improvement, the proceeds of which wiZl be used to
<br />retire the outstanding notes at maturity; and
<br />WHEREAS, the f'iscal oif'icer of the City has certified the maximum
<br />ma,turity of bonds anticipated and to the notes herein authorized;
<br />NOW, fiHEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section l. Tha.t it is hereby declared necessary to issue bonds of the
<br />City of North Olmsted in the principal sum of $1,100,000 for the purpose of
<br />paya.ng the City`s portion of the cost of improving Dover Center. Road, Porter
<br />Road, NN1artin Drive, Narth Park Drive, Ea,st Park Drive, West Park Drive, Douglas
<br />Drive, Alden Drive, Fvergreen Drive, Willet Drive, Broxbaurne Road, Wellesley
<br />Avenue, tdhitehaven Avenue, Elmhurst Road, Lorain Road, Ranchview Avenue, West
<br />Ranchview Avenue, and certain publ.ic easements between certa.in termini by con-
<br />structing sanitaxy sewers, sewer curb cannections and necessary appurtenances,
<br />including a force main a,nd sewage lift station, necessary street resurfacing
<br />and restoration of draina.ge facilities, all as provided in Resolution No. 68-142,
<br />adopted September 3, 1968.
<br />Section 2. 7'hat said bonds shall be dat3ed approximately March 1, 1972,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in thirty substantially epual annual installments after their issuance.
<br />Section ?. That for the purpose af rai.sing money in anticipation of
<br />the issuance of the aforesaid bonds and to prova.de funds for the retirement of
<br />the aforesaa.d notes maturing March 26, 1971, it is hereby declared necessary to
<br />issue and there shall be issued notes of said City in the principal amount of
<br />$1,100,000.
<br />Sectian 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding seven per centum (7%) per annum, pay-
<br />able at maturity, and a.t such rate after maturity nnt exceeding eight per centum
<br />(8°fo) per annum, as may be fixed by the Director of Finance in his award of said
<br />notes at private sale. Such notes shall be dated Ma,rch 25, 1971, shall mature
<br />Narch 24, 1972, and shall be in such denominations as may be requested by the
<br />purchaser.
<br />Section 5. Such notes shall be signed by the Ma,yor and Director of
<br />Finance and bear the seal of' the corporation. They sha11 be payable in Federal
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