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<br />CITY OF PdORTH 0114STED
<br />ORDINAIVCE NO. 4tv
<br />BY- ?n W ?f
<br />?
<br />AlV ORDIAIANCE AUTHORIZIIJG THE ISSUANCE OF BONDS BY TFIE
<br />CITY OF NORTii OI,MSTED IN AiNTICIPATION OF 'I'HE COLLEC-
<br />TIOPd OF SPECIAL ASSESSMEIvTS FOR THE PURPOSE OF PAYING
<br />THE PROPER`i'Y OW1dERS' PORTION OF `i'HE COST OF PAVIIJG
<br />+ GREAT NORTEIERN F30ULr.'VARD AND IMPROVIIdG CAPJTERBURY ROAD
<br />AND SWLETBRIAR DRIVE BY INSTALLING SATdI`l'ARY SEWERS, AND
<br />DECLARIIVG ATJ ENTE:RGENCY.
<br />WHEREAS, a note in the amount of $142,600 was issued pursuant to Ordina.nce
<br />No. 67-197 to pay the property owners' portion and the City's portion of the cost
<br />Cof pavin.g Great Northern Boulevard, which note matures on October 6, 1968 but is
<br />sub3ect to redemption at any time;-and
<br />, WHEREAS, a note in the,amount of $146,371 was issued pursuant to Ordinance
<br />No. 68-56 (renewin$-a note issued pursuant to Ordinance No. 67-99) to pay the
<br />property owners' portion and the City's portion of the cost of improving Canterbury
<br />Road and Sweetbriar Drive by installing sanitary sewers, which note matures on April
<br />19, 1969 but is subject to redemption at any time; and
<br />WHEREAS, Courrcil has determin'ed to fund the City's portions of such notes with
<br />' separate bond issues; and ` WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto-
<br />fore certified the estimated life of the improvement and the maximum maturity of the
<br />bonds proposed to be issued,
<br />Ohio:
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Section l. That it is hereby declared necessary to issue bonds of the City of
<br />North Olmsted in the principal sum of $168,000 in anticipation of the collection of
<br />special assessments heretofore levied for the puxpose of paying the property owners'
<br />portion of the cost of improving Great Pdorthern Boulevard from Lorain Road to Brook-
<br />park Road by grading, draining, curbing and paving with concrete, together with all
<br />necessary appurtenances thereto and improving Canterbury Road and Sweetbriar Drive
<br />by installing sanitaxy sewers, sewer curb connections and other necessary appurtenances
<br />between the termini and in the manner provided in Resolution No. 66-251 adopted
<br />September 20, 1966.
<br />Section 2. Said bonds shall be issued in the principal amount of $16$,000 for
<br />the purpose aforesaid. The said bonds shall be dated June l, 1968, shall be issued
<br />in the denomination of $1,000 each, shall be numbered from 1 to 168, both inclusive,
<br />and shall bear interest at the rate of five per centum'(5%) per annum, payable semi-
<br />annually on the first day of June and the first day of December of each year beginning
<br />June 1, 1969, until the principal sum is paid, as evidenced by the coupons attached
<br />thereto; provided, however, that if the bonds are sold beaxing a different rate of
<br />interest tha,,n herein specified, such bonds shall beax such rate of interest as may
<br />be provided in the resolution of Council approving the award thereof. Such bonds
<br />sha11 mature in their consecutive serial order as follows:
<br />$8,000 on December 1 in each of the years from 1969 to 19$0, inclusive; and
<br />$9,000 on December 1 in each of the years from 1981 to 1988, inclusive;
<br />which maturities are hereby determined to be in substantially equal annua,l install-
<br />ments.
<br />Section 3. Said bonds snall be executed by the Mayor and Director of Finance
<br />and shall bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or litho-
<br />graphed thereon. They shall be designated "Special Assessment Bonds, Series 1968-111,
<br />and sha11 be payable in lawful money of the United States of America at the main office
<br />
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