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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY AND COLLECTION OF SPECIAL ASSESSMFNTS TO PAY THE PROPEM OWNERS' PORTION OF THE COST OF IMPROVING SOUTH BARTON ROAD BETWEEN CERTAIN TERMIIVI BY CON- STRUGTING STDEWALKS, ANILDECLARING AN EMERGENGY. WHEREAS, the Council of the City of North Olmsted has heretofore by proper legisla.tion declared the necessity of constructing the improvement described in Section 1 of this ordinance; and WHEREAS, based upon actual construction bids received and estimates of other costs, Council has found and determined that the total estimated property owners' portion of the cost of said improvement will not be less than $11,000; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of the bonds and notes proposed to be issued for such improvement; NOW,, TAEREFORE., BE IT ORDAINED by the Council of the City of North 0].msted, Cuyahoga County, Ohio: Section 1; That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $11,000 for the purpose of paying, in anticipation of the collection of special assessments, the property owners' portion of the cost oY improving South Barton Road by constructing conerete sidewa,lks on both sides of said street from Lora,in Road southerly 2716 feet in accordance with Resolution No. 69-132, adopted July 1, 1969. Section 2: That said bonds shall be dated approxima,tely November l, 1970, shall bear interest at the estimated rate of six per centum (6%) per a.nnum, payable semi-annually, until the principal sum is pa.id, and sha11 mature in five substa.ntially equal a.nnual instalJ_ments after their issuance. Section 3; That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation of the levy and collection of special assessments for the above described improvement, it is hereby declared necessary to issue and there sha11 be issued a note of said City in the principal amount of $11,000. Section 4; That such anticipa,tory note in the amount aforesaid shall bear interest at such rate not exceeding eight per centum (8%) per a.nnum as may be fixed by the Director of Finance in his award of such note at private sale, such 3nterest to be payable at maturity. Said note shall be dated as of the date of its issuanee and shall mature oai or before one yeax frarn such date. Sa3d note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be pa.yable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5; Subject to the rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note shall be sold by the Director of Fina.nce at private sale at not less than pax and accrued interest and at an interest rate not exceeding eight per centum (8°J6) per ammiun. The proceeds from