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oRDzrrAvcr rro.?Z k -? AN ORDT.NANtE TQ PFtOVIDS FdR `i'HE ISS[3AAiCE OF Nt3`.tES IN ANTICTPATI4N OF THE ISS M CE OF HON3S FOR ':'HE PURPOSE 0F PAYIMG PART OF THR C4ST (3F (70I(3MCTIOFt OF AMUNICIPAL SNWAGI `1"'R?ll`'?T.''1' PU3.' APTD SANITAKY' ' SEWERS, AND DPCLAR- ING AN IMMENt':Y WMWJAS: at the regular eleetion held ox? the 3rd. day of Nov?ber? ig59, on the proposition of issu9.ng bc9nds of the City of North Olmsted., Ohio, fbr the purpose hereiuafter stated, in the sun af $1,700,000 and for levying taxes outside of the ten mi11 limitation to pay the interest and principal of such bvnds, the requisite majority of those voting upon the propositio.n voted 3,n favar thereof; and WHE,REAS, the Council Yzas de-texmined that the bonds so authorized by the electors shouui..d be issued in one lot and that in order to facilitate prompt acquisi- tion and canstruction of t,he 3mprovemeants to be finenced thereby n,otes should be issued 3.n anticipation of the issuance of such bo.nds; and W,f°ICRF'yAS) the Clerk has eertified to this Council the est3mated life of said improvements as exceeding five years, and has further certif3ed the ma3cimum maturity of notes so1.d privately as ane year; NOW, TNEWOM, RE TT QRDAINED by the Cauncil of the City of PTorth Olmsted? Cuyahoga County, Ohio: Sectio,n 1. That it ie deemed necesaary to issue i,n one 1ot the bo.nds of the City of North 01msteci, voteci as a'bove reeited., 3n the princ3pal amount of $].,700,000 for the purpose oP paytng part of the cast of ccanstruction of a Municipal sewage treatment plant aud sar,nitaxy; sewers; that said bonds will be dated apprax3amately Jauuary ]., 1961, w3.11 bear interest at a xate estimated at four per centtmz per annum, payable semi•annualZy, and wi1.l mature in 40 annual installments after their issuance. Seetio.n 2. That it is necessary and this Council hereby detcmines that notes in the principal amount of $1,,704.,000 sha21 be issued in antieipation of the issusxice of said bonds. Sectio,n 3. That sueh anticipatory notes in the amaunt aforesaid shall be issued bearing interest at the rate of 2.95% per annwm payable at msturity,and at the rate of 3.95% per anntan after raaturity and until paid. said .notes sha].l be dated as of the date of their respeetive iasuance arul shal.l mature on or befare ane year after the d.ate of the note first 3ssued. Such notes she1.1 be eacecuted and delivered in sueh number aud such de.nomittatian8 as may be requested by tYre purchaser ? thereof, and, subject to the reg,uirera+Cnts of the purehaser, may be delivered from time to tine by the City Aud.itor as funds are required for the purpose aForesaid. Seetion 4. That said notes ahall be signed by the Mayor an.d by the Auditor, shal,l bear the corporat,e seal of the City, and shall express upon their faee the purpose for which they are issued and that they are issued pursuaut to this Ord3.nance. Said notes shall be payable at the main office of The Nat3onal City Bank of Cleveland.