|
?+:
<br />CITY OF NORTH OLMSTED ..-
<br />ORDINANCE N0. 69- 1Q
<br />BY I
<br />AN GRDINATdCE AUTHORIZING THE ISSUANCE OF A NCIrE IN
<br />ANTICIPATION Or TIIE ISSUANCE OF BOlVDS ANL GF TI-iE
<br />LEVY AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY
<br />1HE PRUPER`lY OWNEF.S' PORTIOIJ ANn.) ALSO TO PAY T-IE
<br />CITY'S PORTION CF THE COST OF IMPROVING SOUTHERTd
<br />AVENUE, DECKER ROE1.D AND MIDVALE AVENUE BE`i'?,1EEN
<br />CEP,iAIN TE1?v1I1VI BY GRADIidG, llRATNIiVG, CURBING,
<br />Pl1VING, CONuTRUCTINu SIDEt^IALKS, A.IVD INSTALLIi7G
<br />SANITAI;Y SL'WER, STORM SDlER AND 4dATER CURB COPdNEC-
<br />TIONS Vn3:ERE NECESSA.RY, AND DECLA.RING AN EMERGEPiCY.
<br />'?J"tiERFAS, the Council of the City of Vorth Olmsted has heretofore bSr
<br />proper legislation declared the necessity of constructing the improvement de-
<br />? scribed in Section 1 hereof; ana
<br />yJHERFAS, the fiscal officer ai the City has certi:fied the maximum
<br />maturity of such bonds to be ten years, and of such notes to be five years if
<br />' sold publicly or orie year if sold at private sale;
<br />NOW, THERE?'0RE, :BE IT OPtiJASNED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section l. That it is Yiereb5r declared necessar,y to issue bonds of
<br />the City of 1`dorth Olmsted in the principal sum of $174,189.00in anticipation
<br />of the collection oi special assessments ta pay the property o-vmers' portion,
<br />and also to pay the City's portion of the cost of improving Soathern Avenue,
<br />Decker Road and Midvale Avenue by grading, draining, curbing, paving, con-
<br />structing sidewalks, and_ installirig sanita.ry sewer, storm sewer and water curb
<br />connections between 'the terrnini and in the manner provided by Resolution Ido.
<br />68-137, adopted August 13, 1968. Of said amount, the property owners' portion
<br />is $88?;121.95 and the City's port;ion is $86,067.05.
<br />Section 2. That said bonds shall be dated approximately Januaxy 1,
<br />1970, shall bear interest at the estimated rate of five and one half per centum
<br />(5-1/2%) per annum, paya,ble semi-annually, until the principal sum is paid, and
<br />shall mature in twenty svbstantially equal a,nnual installments a,fter their issu-
<br />an.ce.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the issua.nce of the aforesaid bonds and in anticipation of the le',y and
<br />collection of special assessments for the above described improvement, it is
<br />hereby declared necessary to issue and there shall be issued a note of said
<br />City in the principa,l amount oi $174,189.00.
<br />Section 4. That such anticipatory note in the amount aforesaid
<br />sha11 bear interest at such ra-te not exceeding fiye per centum per a,nnum as
<br />may be fixed by the Director of Finance in his award of said note at private
<br />sale, such interest to be payable at maturity. Said note sha11 be dated as
<br />of the date of issuance and shall mature on or before one year from such date.
<br />Said note shall be sianed by tne Mayor and by the Director of Finance, sha11
<br />bear the corporate seal of t11e City, shall be payable at the office of The
<br />National City }3ank of Cleveland, Cleveland, Ohio, and shall express on its
<br />face the purpose for V:hich it is issued and that it is issued pursuant to
<br />this ordinance.
<br />? Sectior_ 5. Subject to the rejection of such note by the Director
<br />of Finance for investr,lent in the Bond Retirement Fund, such note sha11 be
<br />sold by the Director of Finance at private sale at an interest rate not ex-
<br />ceeding five per centum per annum. The proceeds from such sale, except any
<br />premitmt and accrued interest, sha11 be paid into the proper fund and used
<br />for the purpose aforesaid and ior no other purpose. Any premium and accrued
<br />interest shall be deposited in the Bond Retirement Fund.
<br />,t
|