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.
<br />CITY OF NORTH OLMSTED
<br />oRDzzsANcE, rio . 4--ZlLg
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<br />BY
<br />AN ORDIIVANCE TO PROVIDE FOR TIE ISSUANC'L 0F PJOTi,S
<br />IN ANTICIPATION OF THE ISSUANCTy OF BONDS TO PAY TIIE
<br />CITY'S POFtTIOiv OF ' COST OF IMPROVING PO?3TER ROAD
<br />AP1D CERTAITd CTHER STRE7ETS AND PUBLIC EASE1,1LT3TS BY
<br />COTJSTRUCTIIVTG SANITARY SEWLRS, SEWLR CUR13 COPNLC'1'IOT1:?
<br />AND NECLSSARY API'URTEldAPdCLS, INCLtIDING aTR?{'?ET RE-
<br />SURFACING I.TdD RESTORATION OF DRAINIIGF FACILITIES
<br />(CONTRACT 11), AND DECLARING AN LbEFZGENCY.
<br />TrJJfiERrAS, this Council by Ordinance No. 68-122 authorized the issuance of
<br />otes in the aggregate amount of *616,100 to pay the estimated property owners'
<br />portion ($138,634) and the es-Limated City's portion ?`'p477,466) of the cost of
<br />the improvement described in Section 1 of this ordina.nce; and
<br />. WFiEItEAS, pursu.ant to said ordinance a note in the amount of $529,1+00 was
<br />issued, which note ma,tures on December 27, 1969; and
<br />[MREAS, Council has de'uermined to issue separate renewal notes for the
<br />property owners' portion and the City's portion of the cost of said i.mprovement,
<br />the proceeds of which wi11 be used to retire the outstanding note at its maturity;
<br />NOW, THEREFORE, BE IT QItDAlNED BY THE COUNCIL OF TIiE CITY OF NORZ`fI OIMSTED,
<br />CUYAHOGA COUNI'Y, OHIO:
<br />Section l. That it is hereby declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $390,000 for 'the purpose of paying the
<br />City's portion of the cost of constructing sanitary sewers, sewer curb connections
<br />and necessary appurtenances, including necessary street resurfacing and restorat;ion
<br />of drainage facilities in Porter 13oad, PY1artin. Driue, Jenkins Road and easemen-t over
<br />to Lansing Drive, Lansing Drive, nIorth Park Drive and easeYnent to Sherwood Estates
<br />treatment plant, Oring Road, and a trunk sewer in public easements running frarn a
<br />point in Porter Road 548 feet northvaesterly of Ma.rtin Drive northerly and easterly
<br />approximately 4,728 feet to the Dover Center Lift Station, as provided in Resolu-
<br />tion No. 68-84, adopted Niay 21, 1968.
<br />Section 2. That said borids shall be dated approximately December 1, 1970,
<br />shall bear interest at the es+imated rate of seven per centum (7jo) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in t-vTenty
<br />substantially equal installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation of the
<br />issuance of the aforesaid bonds for the above described improvement, and to retire
<br />the City's portion of the aforesaid outstanding note, it is hereby declared neces-
<br />sary to issue and tnere shall be issued notes of said City in the principal amount
<br />of $390,000.
<br />Section 4. That such anticipatory notes in tYle amaunt aforesaid shall bear
<br />interest at such rate not exceeding eight per centum per annum as may be fixed
<br />by the Director of Finance in his award of said notes at private sale, such interest
<br />to be pa.yable at maturity, and may bear a penalty rate nf interest if defa.ult is
<br />made in payment of the notes a-t ma-luurity. Said notes shall be dated as of the date
<br />of issuance and shall mature one year from such date. Said notes shall be signed
<br />? by the Mayor and by the Director of F'inance, shall bear the corporate seal of the
<br />City, shall be payable at the oFfice of The National City Bank of Cleveland,
<br />Clevela,nd, Ohio, and shall express on their face the purpose for which they are
<br />issued and that they are issued pursuant to this ordinance. Said notes shall be
<br />in such number and denomination as may be requested by the purchaser and may be
<br />payable in Federal Reserve fu.nds of the United States of America if requested by
<br />the purchaser.
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