|
o?
<br />czTt oF ivoRrx or.MsTEn
<br />OIRDTNANCE NO Q 170 -- 'X0
<br />BY
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN
<br />? ANTICIPATION OF TIiE COLLECTION OF SPECTAL ASSESS-
<br />MENTS TO PAY THE COST OF IMPROVING SOtJTHERN AVENUE
<br />BETWEEN CERTAIN TERMIPTI BY PAV2IVG AND INSTALLIM
<br />. STORM SEWER INLETS AND SIDEWA?K,5, AND DECIARING AN
<br />EMERGENCY.
<br />WHEREAS, Council has heretofore declared the necessity of constructing the
<br />improvement described in Section 1 hereof; and
<br />WHEREAS, a$45,000 note was issued pursuant to Ordinance Noo 69-9 in anti-
<br />cipa,tion of the issua.nce of the bonds herein authorized, which note was renewed
<br />by the issuance of a$43,000 note pursuaxit to Ordinance No. 70-64, which latter
<br />note ma,tures on July 27, 1970; and
<br />WHERF.AS, the Director of Finance, as fiscal officer of this City, has here-
<br />tofore certified the estimated life of the improvement and the maximum maturity
<br />of the bonds proposed to be issued;
<br />NOW., THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted, Ohio, in the principal sum of $42,900 in anticipation of the
<br />collection of special assessments heretofore levied to pay the cost of improving
<br />Southern Avenue from McKenzie Road to a point 165 feet west of Decker Avenue by
<br />constructing a 7-inch concrete pavement 2505 feet wide with appurtenances, in-
<br />cluding storm sewer inlets, and by constructing concrete sidewalks five feet in
<br />width on both sides of said street between said points, as provided in Resolution
<br />No. 65-278, adopted November 12, 1965, as amended by Resolution No, 66-193,
<br />adopted July 5, 1966.
<br />Section 2. Said bonds shall be issued in the principal amount of $42,900
<br />for the purpose aforesaid. The said bonds shall be dated July l, 1970, shall be
<br />issued in the denomination of $1000 each, except bond No. 1 which shall be of
<br />the denomination of $900 and bond Nos, 34 ana. 35 which sha11 be of the denarnina.-
<br />tion of $5,000, shall be numbered from 1 to 35, both inclusive, and shall beax
<br />interest at the rate of seven per centum (7%) per annum, payable semi-annually
<br />on the first day of June and the first day of December of each yeax, beginning
<br />June 1, 1971, until the principal sum is paid, as evidenced by the coupons at-
<br />tached thereto; provided, however, that if the bonds are sold bearing a different
<br />rate of interest than herein specified, such bonds shall bear such rate of interest
<br />?" as may be provided in the`resolution of Council approving the award thereof. Such
<br />?"''? bonds shall matuxe in their consecutive serial order as follows; $4,900 on
<br />December l, 1971; $4,000 on December 1 in each of the years 1972 to 1978, in-
<br />clusive, and $5,000 on December 1 in each of the years 1979 and 1980; which
<br />maturities are hereby determined to be in substantially equal annual installments.
<br />Section 3. Said bonds sha11 be executed by the Mayor and Director of Firia,nce
<br />a.nd sha,ll bear the corporate seal of sai.d City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or
<br />lithographed thereon. They shall be payable in la,wf.i1 money of the United States
<br />of America at the office of The National C3ty Ba,nk of Cleveland, Clevela,nd; Ohio':
|