66-061 Ordinance - Laserfiche WebLink

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y . ; ORDINANCE N0 , AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A 4 NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL AS- SESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE PRQPERTY OWNERS' PORTION OF THE COST OF CONSTRUCTING ADDITIONAL SANITARY SEWERS AND APPiJRTENANCES IN AREA 3 OF THE CITY, AND DECI,AItING AN ENERGENCY. ? WHEREAS the Council of the , City of North Olmsted has heretofore by proper legislation declared the necessity of making the improvement ? described in Section 1 hereof; and WHEREAS, Council has found and determined that the property owners' portion of the total estimated cost of said improvement will not be less tha,n $218,418; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City,of North 0lmsted in the principal sum of $218,418 for the pur- . pose of paying, in anticipation of the collection of special assessroents, the property owners' portion of the cost of constructing sanitary sewers and appurtenances in Sunset Oval and certain other streets in Area 3 of the City between the termini and in the manner provided in Resolution No. 65-81+, adopted April 6, 1965. Section 2. That said bonds shall be dated approxima,tely March 1, 1967, shall bear interest at the estimated rate of three and one-half per centum (3_1/2%) per annum, payabl.e semi-annually, until the principa.l ,sum is paid, and shall mature in twenty substantially equa.l annual installments after their issua.nce. p Section 3. That for the purpose of raising money in anticipa.tion of the levy and col.lection of special assessments and of the issuance of the aforesaid bonds for the above described improvement, it is hereby declared necessaxy to issue and there shall be issued a note of said City ? in the principal amount of $218,418. Section 4. That such anticipatory note in'the amount aforesaid shall bear interest at the rate of two and ninety-five hundredths per centum (2.959b) per annum; such interest to be pa,yable at maturity. Such note sha,ll be dated as of the date of issuance and shall mature vn or before one year from said date. Section 5. Such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It sha11 be payable at the office of The National City Bank of CleveZand, Cleveland, Ohio, and shall express upon its face the purpose for which it is issued and that ? it is issued pursuant to this ordinance. . . . _ . . . . . . " . . . . . . . . . 4 }!`i . .. , . . . . , . . . .. A , . . . .. . . .. . . . . . .II . . . . .- . . . . . . . . . . . . . . . . . ' 1 . , • ' . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . `y .. . - • . . , .