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ORUINANCE N0. Q-?C%?,,??z.. : . ? z..- AN ORDINANCE PROVIDING FOR THE TSSUANCE QF $1,525,000 FIRST MORTGAGE SEWERAGE SYSTEM REVENUE BCNM OF THE CTTX 0F NORTH OLM5TED tJNMR SECTION 12, AR'I'ICLE XVIII OF THE CONSTITUTION OF THE STATE OF OHIO FOR TFIE PURP()SE OF IMPROVTNG AND EXTENDING THE MUNICIPAL SEWERA.GE SYST'EM: TO AtTrHORTZE THE FXECUTTON OF A MORTGAGE OF SAID SYSTEM TO SECURE SAID BONIXS AND TO SECURE ADDITIONAL PARTTY BONM 'F.'ER AUTHORIZED; TO DUI,NE THE TERMS OF A FRANCHISE UNDER WHICH, IN CASE OF FORECIABURE, THE PUFtCHASER MAY OPERATE SAID SYSTENI; AND TO PROVIDE, IN EVE'NT OF DEF'AULT, F01, TFiE APPOIYMENT OF A RECEIVER TO ADMINISTER SAID SYSTEM WHEREAS, the City of North Olmsted (herein called the "Municipality") now owns and operates as a public utility (hexeinafter referred to as the "Utility"), a, sewerage system, the services of which are and are to be supplied to persons and corporations within and without the corporate limits of the Municipality; and WfEREAS, based on the recommendations of Floyd G. Browne and Associates, Marion, Ohio, Consulting Engineers (herein called the "Engineer"), the Council of the Municipality has determined it necessary to improve and extend said Utility by con,structing a sewage treatment plant and intercepting and trunk sewers with appurten ant force mains and lift stations as set forth in the report of said Engineers dated September, 1957; and WFEREAS, it is desired to finance that part o#' the costs of the Project not provided from the proceeds of bonds (or notes in anticipation thereof)heretad fore voted by the electors of the Municipality and from other moneys now avail- able to the Municipality, including in such financing all expenditures, fiscal, legal, engineering or otherFri se incident to construction of the Project and to such firiaucing, by the issuance and sale of mortgage revenue bonds to be desig- nated First Mortgage Sewerage System Revenue Bonds, in accordance with Article XtTIII, Section 12 of the Constitution of Ohio, which bonds (hereinafter called "Improvement Bonds") together with any additional bonds subsequently issued on a parity therewith (hereinafter called "Additional Bonds", the Improvement Bonds and Additional Bonds being hereinafter collectivel.y referred to as the "Bonds") are to be secured by the Mortgage hereinafter provided for (hereinafter referred to as the "Mortgage") upon the properties, assets and revenues of the Utility and by a..franchise to became effective in the event of foreclosure of the Mortgage; 2a `W,}?G1ro+?A42WkY?SN?ar' ? ... . . . . . . .. . . . ... .. . . . . . . _ .. . .. . . .. . . .... ?. ? .. . .. . .. ... . . . . . .. . . . . . ..... . . .. . . .dV?? ?'?k, uw?Nt,, .? a , , Z3^.x J.t„ ?^aaY