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<br />, *
<br />czTY oF NoRTH ozMSTEn
<br />oRDzNAtvcE No.
<br />BY
<br />AN ORUINANCE AUTiiORIZING THE ISSUAIVCE 4F BONDS IN
<br />ANTIC3PATION OF THF COLLFCTION OF SPECIAL ASSESS-
<br />MENTS TO PAY THE, PROPERTY OWN?'RS' PORTION AND ALSO
<br />TO PAY TIL CITY'a PORTION OF THE COST OF IME'ROVING
<br />GREAT NORTH.ERN BOULEVARD BET4JEEN CERCAIN TERMINI BY
<br />INSTALLING STORM A1VD SAPIITARY SEWERS AND WATER MAIN,
<br />AND DECLARING AN T.bIERGEV(;Y.
<br />WHEIMAS, Council has heretofore in Resolution No. 67-18, passed .Tanuary 3,
<br />1967, declared the necessity of constructing the improvement described in Section
<br />1 hereof; and , WfiEREAS, a$142,500 nate wa,s issued pursuant to Ordinance Na. 68-85 in
<br />anticipation of the bonds hexein authorized and is about to mature; and
<br />WHEREAS, t,he nirector of F.inance, 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 ()RDAINL'D by the Cou.ncil 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 $131,700 in anticipation of the
<br />collection°of special assessmen-ts heretofore levied to pay the property owners'
<br />portion and also to pa,y the City's portion of the cost of improving Great Pdorthern
<br />Boulevard from Lorain Roa,d to Brookpark Road by installing storm and sanitary
<br />sewers and water main, sewer and wa,ter curb connections, together with a]_1
<br />necessary appurtenances. Of said amount the property owners' portion is $941900
<br />and the City's portion is $36.,800.
<br />Section 2. -Said bonds shall be issued in the principal amount of $131,700
<br />for the purpose aforesaid. The said bonds shall be dated. May 1, 1969, shall be
<br />issued in the denomination of $1000 each, except bond No. 1 which shall be of
<br />the denomina,tion of $700, shall be numbered from 1 to 132, bath inclusive, and
<br />shall bear interest at the rate of five and one-half per centum (5-1/2%) per
<br />annum, payable semi-annually on tYie first day of June and the first day of
<br />December of each year, beginning December l, 1969, until the principal sum is
<br />paid, as evidenced by the coupons attached thereto;-provided, hoz:*ever, that if
<br />the bonds are sold bearing a diiferent rate of interest than herein specified,
<br />such bonds shall bear such rate of interest as may be provided in the resolution
<br />of Council approving the award thereof. Such bonds shall mature in their consecu-
<br />tive serial order as follows: $6,700 on December l, 1970; $6,000 on December 1
<br />in each.,of the years from 1971 to 1978, inclusive, and $7,000 on December 1 in
<br />each of the years from 1979 to 1989, inclusive; which maturities are hereby deter-
<br />mined to be in substantially equal annua,l installments.
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