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<br />C ITi'Y OF NORTH OIMSTED
<br />ORDINANCE NO o Ao -'-/f
<br />BY
<br />AN ORDINANCE TO PROVIDE, FOR THE ISSUANCE OF $369,000
<br />RENEWAL NO'T'ES IP1 ATJTICTPATION OF TIIE ISSUANCE OF
<br />. BONDS TO PAY THE CITY'S PORTION OF THC COST OF IM-
<br />PROVING PORTER ROAD AND CERTAIN OTHER STIiEETS ATM
<br />PUBLIC EASEMCNTS BY CONSTRUCTING SAPJITARY SE14ERS?
<br />SEWER CURB CONNECTIONS AND NECESSARY APPURTPPAIVCESP
<br />INCLUDING NLCESSAF{Y STREET RESURFACING AP1D RESTORA-
<br />TION OF DRAINAGE FACILITIES (corrrRAcT ii)p AND DE-
<br />CI,AF3ING AN E1,1ERGENCY.
<br />WFEREAS, a note in the amount of $390.,000 was issued pursua.nt to Ordinance
<br />, No. 69-218, passed December 16, 1969, which note matures December 27, 1970; ancl
<br />WHEREAS, thexe is avai].able the sum of $21,000 to be applied against the
<br />principal amount of said outstanding note and Council has determined to iusue
<br />the notes herein authorized to provide the remaining funds necessary to retire
<br />the outstanding note at ii,s rnaturity; and
<br />WHEREAS, the fiscal oi'ficer nas certified to the maximum ma,turity of the
<br />bonds anl;icipated and to the notes herein authorized;
<br />NOW, THEREFORE? BE IT ORDAINED BY M COUNCIL OF THE CTTY OF NORTii OIMSTEDt
<br />CUYAHOGA C OUNTI'Y ., OHIO ;
<br />Sectian l. '1'h.a,t it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $369,000 for the purpose of paying the
<br />Cityfs portian of the cost of constracting sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including necessary street resurfacing and restoration
<br />of drai.na.ge facilities in Porter Road, Martin Drive, Jenkins Road and easeraent over
<br />to La,nsing Dxive, Lansing Drive., North Park Drive and easement to Sherwood Estates
<br />treatment plant, Oring Road, and a trunk sewer in public easements running from a
<br />poi-nt in Porter Road 548 feet nort-hwesterly of M.axtin Drive northerly and easterly
<br />approximately 4,728 feet to tYie Dover Center Lift Station, as provided in Resolu-
<br />tion No. 68-84, adopted 14ay 21, 1968.
<br />Section 2. That said bonds shall be dated approrimately D°cember l, 1971;
<br />shall bear interest at the estimated rate of seven per centum (7%) per annum,
<br />payable semi-annually, until the principa,l sum is paid, and shall ma,ture in twenty
<br />substantially equal annual installments after their issua,nce.
<br />Section 3. That for the purpose of ra,ising moriey in anticipation of the
<br />issuance of the aforesa,id bonds fox the above described improvement, and to pro-
<br />vide funds for the retirement of the aforesaid outstanding note, it is hereby
<br />declaxed necessary to issue and there shall be issued nates of said City in the
<br />principal,amount of $369,ooo.
<br />Section 4. That such antici.Datory notes in the amount aforesaid shall bear
<br />interest at such rate not exceeding six per centum per annum as may be fixed by
<br />the Direetor of Finance in his award of said notes at private sale, such interest
<br />to be payable at maturity, and may bear a penalty rate of interest not exceeding
<br />eight per centwn per annum if default is made in payment of the notes at maturity.
<br />? Said notes shall be dated December 28, 1970, and shall mature on December 28,
<br />1971. Said notes shall be signed by the Mayor and by the Director of Finance,
<br />shall bear the corporate seal, of the City, shall be pa,yabl.e at the office of The
<br />Nationa,l City Bank of Cleveland, Cleveland, Ohio, and shall express on their face
<br />the purpose for which they are issued and that they are issued pursuant to this
<br />ordinance. Said notes shall be in such number and denomination as may be requested
<br />by the purchaser and may be payable in Federal Reserve funds of the United States
<br />of America if requested by the purchaser.
<br />,y
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