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<br />CITY OF VORTH OLMSTED
<br />ORDINANCL N0. 0 - 2 17
<br />BY ?
<br />AN ORDINANCE AUTHORIZING THE ISSUADICL OF A NOTE IN
<br />AN1'ICIPATION OF T:iE ISSUAPiCE OF BONDS AND OF THE { VY
<br />AND COLLECr-PIOTd OF SPECIAL ASSESSMENTS TO PAY TIiE
<br />PROPE;RTY OWNEl'i,?"' PORTION OF THE COST OF IMPROVIPIG
<br />PORTER R0AD AND CERTAIN OTHER STREETS AND PUBLIC
<br />'r:ASEMEIVTS BY CONSTRUCTING SANITARY BEWERS, SEWER CiJRB
<br />CONNECTIOD1S AND N.ECESSARY APPURTLNANCES ', IPTCLUDITJG
<br />STREET RESURFACIRTG AND RESTORATIQN Or DFtAINAGE FACIL-
<br />ITIES ( COITTRACT 11). AlV'D DECLARING ATJ EMERGENCY.
<br />WHEREAS, this Council by Ordinance No. 68-122 authorized the issuance of notes
<br />• in the aggregate amount of $616,100 to pay the estimated property owners' portion
<br />($138,634) and the estimated City's portion ($477,406) of the cost of the improve-
<br />menti described in Section 1 of this ordinance; and
<br />VIHEREAS, pursuant to said ordinance a note in the amount of $529,400 was
<br />issued, which note matures on December 27, 1969; and
<br />WFEREAS, Council has deterr,.iried to issue separate renewa.l notes for the property
<br />owners' portion and the City's portion of the cost of said improvement, the proceeds
<br />of which will be used to retire the outstanding note at its maturity;
<br />WHFRc,AS, the fiscal off icer of the City has certified the maximum ma,turity of
<br />bonds and notes for said improvement;
<br />N06d, THEREFORE, BE IT ORDAINLD by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section l. That it is herebyr declared necessary to issue bonds of the City
<br />of North Olmsted in the principal sum of $138,600 for the purpose of paying, in
<br />anticipation of the collection of special assessments, the property owners' portion
<br />of the eost of constructing sanitary sewers, sewer curb connections and necessary
<br />appurtenances, including necessary street resurfacing and restoration of drainage
<br />facilities in Porter Road, Martin Drive, Jen.k.ins Road and easement over to Lansing
<br />Drive, Lansing Drive, North Park Drive and easement to Sherwood Estates treatment
<br />plant, Oring Road, and a trunk sewer in public easements running fran a point in
<br />Porter Road 548 feet northwesterly of Ma,rtin Drive northerly and easterly ap-
<br />proxiznately 4,728 feet to the Dover Center Lift Station, as provided in Resolu-
<br />tion No. 68-84, adopted May 21, 1968.
<br />Section 2. That said bonds shall be dated approximately August 1, 1970,
<br />shall bear incerest at the estimated rate of seven per centum (7%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in twenty
<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 and in anticipation of the levy and collection of
<br />special assessments for the above described improvement, and to retire the property
<br />owners' portian of the aforesaid outstanding note, it is hereby declared necessary
<br />to issue and there shall be issued a note of said City in the principal amount of
<br />$138,600.
<br />Section 4. That such anticipatory note in the amount aforesaid shall bear
<br />interest at such rate no-'t exceedir.g eight per centum per annurn as may be fixed by
<br />the Director of Finance in his award of said note at private sale, such interest
<br />to be payable at maturity. Said note shall be dated December 27, 1969 and shall
<br />mature on or before December 27, 1970- Said note shall be signed by the Yiayor and
<br />by the Director of Fina,nce, shall bear the corpora-te seal of the City, shall be
<br />payable a,t the office of The National City Bank of Cleveland, Cleveland, Ohio, and
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