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<br />ORDINANCE N0. (p ? - //.f
<br />BY :
<br />AN ORDINANCE AMENDING SECTIONS 1 AND 2
<br />OF ORDINANCE N0. 69-88 TO REDUCE THE
<br />, AMOUNT AND TO CHANGE CERTAIN TERMS OF
<br />THE BONDS AUTHORIZED THEREBY, AND DE-
<br />CLARING AN EMERGENCY.
<br />WIiEREAS, this Council on April l., 1969 passed Ordinance No. 69-88 providing
<br />for the issuance of bonds in the principal amount of $131,700 to pay the property
<br />10 owners' portion and the City's portion of the cost of improving Great Northern
<br />Boulevard; and
<br />WHEREAS, since the date of passage of said ordinance an additiona.l cash
<br />' payment of $11,141.56 was received for credit against the assessments levied for
<br />said improvement; and
<br />WHEREAS, by reason of the receipt of such cash payments this Council finds
<br />and determines it to be necessary to amend Sections 1 and 2 of Ordinance No. 69-88
<br />so as to reduce the amount of the bonds authorized thereby and to change certain of
<br />the terms and provisions of said bonds;
<br />NOW, THEREF4REI BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section lo That Sections 1 and 2 of Ordinance No. 69-88, passed April 1,
<br />1969, sha11 be and the same hereby are amended to read in full as follows;
<br />"Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of North Olmsted, Ohio, in the principal sum of $120,560
<br />in anticipation of the collection of special assessments heretofore
<br />levied to pay the property owners' portion and also to pay the City's
<br />portion of the cost of improving Great Northern Boulevard from Lorain
<br />Road to Brookpark Road by installing storm and sanitary sewers and
<br />water main, sewer and water curb connections, tagether with all necessary
<br />appurtenances. Of saicl amount the property owners' portion is $83,760
<br />and the City's portion is $36,800.
<br />"Section 2. Said bonds shall be issued in the principal amount of
<br />$120,560 for the purpose aforesaid. The said bonds shall be dated May 1,
<br />1969, shall be issued in the denomination of $1000 each, except bond
<br />No. 1 which shall be of the denomination of $560, shall be numbered
<br />from 1 to 132, both inclusive, and shall bear interest at the rate of
<br />five and one-half per centum (5-1/2%) per annum, payable semi-a.nnually
<br />on the first day of June and the first day of December of each year,
<br />beginning December l, 1969, until the principal sum is paid, as evidenced
<br />by the coupons attached thereto; provided, however, that if the bonds are
<br />sold.'beaxing a different rate of interest tha.n herein specified, such
<br />bonds shall bear such rate of interest as may be provided in the resolu-
<br />tion of Council approving the award thereof. Such bonds shall mature
<br />in their consecutive serial order as follows: $6,560 on December 1,
<br />1970, and $6,000 on December 1 in each of the years from 1971 to 1989,
<br />inclusive; which maturities are hereby detes•m3.ned to be in substantially
<br />equa,l annual installments."
<br />Section 2. That Sections 1 and 2 of Ordinance No. 69-88, passed April 1, 1969,
<br />as they read prior to this amendment, shall be and the same hereby are repealed.
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