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<br />CITY OF NORTH OLM°?TFD
<br />01DIN4NCE N0. Lq -
<br />BY
<br />AD1 ORDIPIANCE TO PROVIDL FOR THE ISSUpidCE OF A PdOTF
<br />IN ANTICIPATION OF TLP LFVY OF SPECIAL AS`a"ESSb Fi'NTS
<br />AND IPT ANTICIPATION OF TIiE ISSUANCE OF BONDS TO PAY
<br />THE PROPE, RTY 01^]IJ??RS' PCRTION A11D THE CITY'S PORTION
<br />OF THE COST OF IMPROVI:NG DOVER CEN'EIR ROAD AND
<br />G`ERTAIN 0THER STRELTS AN'D PUBLIC EASENErJTS BY CON-
<br />STRUCTING SAVI'!'ARY SEUTERa, SEGIE, R CURB CONPFECTIOPtS
<br />M1D NIECESSAftY APPURTENANCES, INCLUDIPdG NECESSIIRY
<br />STRLET MSURFACITIG AND RESTORATION OF DRAINAGE
<br />FACILITIES (CO1VTRACT N0. 12), AND DECL!'-?RING AN
<br />ENERGLNCY.
<br />, GIHERF'?!1S, the Council of the City of North Olmsted has heretofore by proper
<br />legislation declared the necessil:y of constructing the improvement described in
<br />Section 1 of this ordinance; and
<br />ti+IHEREAS, Council, based upon actual construction bids received and estimates
<br />of o'cher costs, has found a.nd deternined that the total estimatea cost of said
<br />improverlent will not be less tl:an $1,870,000;
<br />NOG,, THEREFORE, BE 1T ORDAIPdLD by the Council oF the City of North Olmsted,
<br />Cuyahoga County, Ohio;
<br />Section l: That it is hereby declared necessary to issue bonds of the City
<br />of 1Vorth Olmsted in the principal sum of $1,870,000 for tlae purpase of paying,
<br />in anticipation of the collection of special assessments, the property o`•mers'
<br />por'bion, and also to pay the City's portion of the cost of irnproving Dover Cen-ter
<br />Road, Porter Road, Martin Drive, Nortn Park Drive, East Park Drive, West ParY
<br />Drive, Douglas Drive, A1den Drive, Evergreen Drive, Willet Drive, Broxbourne
<br />Road, Wellesley Avenue, Writehaven Avenue, :Clmhurst Road, Lorain Road, Ranchview
<br />Avenue, West Ra,nchview Avenue, a,nd certain public easements between certain
<br />termini by constructing sanitary sewers; sewer curb connections arid necessary
<br />appurtenances, including a force mairi and sewage lift station, necessary street
<br />resurfacing and restoration of drainage facilities, all as provided in Resolution
<br />No. 68-142, adopted September 3, 1968. Of said amount, the property owners'
<br />por tion is $771+, 435 and the City's portion is $1,095,565.
<br />Section 2; That said bonds shall be dated approximately February 1, 1970,
<br />shall bear interest at the estimated rate of five per centum (5%) per annum,
<br />payable semi-annually, until i;he principal sum is paid, and shall mature in
<br />tt•renty substantially equal annual installments after their issuance.
<br />Section 3; That for -t}ze puzpose of raising rnoney in an-ticipation of the
<br />levy and collection oF special assessments and of tYie issuance of the aforesaid
<br />bonds to pay the property owners' port;ion a,nd the City's portion of the cost of
<br />t;he abovedescribed improvernent, it- is hereby declared necessary to issue and
<br />there shall be issued a no-ce of said City in the principal amount of $1,870,000.
<br />Section 4: That such anticipatory note in the amoun-t aforesaid sliall bear
<br />? interest at such rate not exceeding ?'ive per cen?;um (5,L) per ?,nnum, as uiay be
<br />fixed by the Direci,or of Firiance in his award of said noL-e a-t priJate Nale, such
<br />interest to be pa.yable at ma-turity. Such note shall be datecl as of the date of
<br />issuance and shall mature on or before one year i'rom said date.
<br />Section 5; Such no'ce shall be signed by the Mayor and Director af Finance
<br />and bear the seal of the cornora-tion. It sha,ll be payable at the ofiice of the
<br />Director of Finance of the City of Tdorth 0lmsted, North Olmsted, Ohio, and shall
<br />express upon its face the purpose ior which it is issued and that it is issued
<br />pursua.nt to this ordina,nce.
<br />•¢.
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