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? • CITY OF NORTH OLMSTED • BY ?J CC4 t- ORDINANCE N0. 69- 7 INAlVCE AUTHORIZING THE ISSUANCE OF A IVOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY THE COST OF IMPRCNING SOUTHERN AVENUE BETWEEN CER- TAIN TERMIIVI BY CONSTRUCTING CONCRETE PAVI?'i:MENT WITH APP'URTENANCES, INCLUDING STORM SEWER INLETS, AND BY CONSTRUCTING SIDEWALKS, AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the improvement de- scribed in Section 1 hereof; and WHEREA.S, the fiscal officer of the City has certified the maximum maturity of such bonds to be ten years, and of such notes to be five years if sold publicly or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Narth Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $45,000.00 in anticipation of the collection of special assessments to pay the property owners' portion of the cost of improving Southern Avenue from McKenzie Road to a point 165 feet west of Decker Avenue by constructing a 7-inch concrete pavement 25•5 feet wide with appurtenances, including storm sewer inlets, and by construct- ing concrete sidewalks five feet in width on both sides of said street be- tween said points, as provided in Resolution No. 65-278, adopted November 12, 1965, as amended by Resolution No. 66-193, adopted July 5, 1966. Section 2. That said bonds sha11 be dated approximately January l, 1970, shall bear interest at the estimated rate of five and one quarter per centum (5-1/4%) per annum, payable semi-annually, until the principal sum is paid, and sha]1 mature in ten substantially equal annual installments 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 shall be issued a note of said City in the principal amount of $15,000.00 • Section 4. That such anticipatory note in the amount aforesaid shall bear interest at such rate not exceeding five per centum per annum as may be fixed by the Director of Finance in his award of said note at private sale, such interest to be payable at maturity. Said note shall be dated as of the date of issuance and shall mature on or before one year from such date. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable 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 Finance at private sale at an interest rate not ex- ceeding five per centum per annum. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 6. Said note sha11 be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prampt payment of the same. The par value to be received from the