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CTiY ()F NMTH OLMS'I''SD
<br />QRDINAIdCE NQ. 2883
<br />BJ %
<br />AN QRDINANCE T4 PRC7tTIDE FOR THE ISSUIlVG OF NOTES IN ANTICIFATIQN OF
<br />THE LM OF SPECIAL ASSESSMENTS AND IN ANTICIFATION OF THE ISSITING
<br />OF BC?NDS IN ANTICIPATIQPI OF THE Ct7LLECTION OF SPFCI,AZ ASSESSMENTS
<br />FCR TI?E CQNSTRUCTION OF A SEtr,TAGE C4LLECTIQN SYSTEM AND SE14AGE TRE.AT-
<br />NENT PLANT FCR THE CI`?'Y 4F NORTH OIMSTED.
<br />WHHFREPAS, the Coun.cil of the City of North Ulmsted has heretofore by proper
<br />legislation$ determined that the construction of a sewage collaction system and
<br />sewage treatment p].ant for the City of North Olmsted, is necessary for the
<br />immediate preservation of the public health., safety., peace and welfares and
<br />WEMEAS., this Council conternpla,tes the uss of $205.,700.00 for the purpose
<br />of paJring tha portion of said improvement., which is to be paid by assess:nents.,
<br />and
<br />W?iEREAS, heretofore., by virtue of the provisions of Cbrdinance No. 2669,
<br />passed April ls 1958, a note of the City of North Qlmsted was issued in the
<br />sum of $205,700.00, purchases by The National City Bank of Cleveland and which
<br />ma,tured June 25,, 1959, and bonds not having been sold permi.tting the payment
<br />of said notep an].
<br />W11ftFA,S, the proceeds of the note to be herein issued in the sum of
<br />?,>205,700.00? to be dated Juna 25? 1959, to mature on or before June 25. I960,
<br />bearing 22 o interest per annum, payabl.e at riatzarity or the data of any pre-
<br />payment thereof shall be used to pay off the nast due note heretofore referred
<br />to, with interest.
<br />Tm"T., TIMEFORE., BE IT ORDA7?JL'D by the Council of the City of North tl]rnsted$
<br />State of Qhio:
<br />Secti.on l: That it is hereby declared necessary to issue bonds of the City
<br />of North 0lansted in the principal sum of $205.,700.00 for trie purpase of raising
<br />money in anticipation of the collection of special assessments for the improvem.ent
<br />of sa,i.d City by the construction of adewage collection systern and sewage treat-
<br />ment plant for said City.
<br />Section 2: That said bonds shall be of the denomi.nation of $1,000.00 each,
<br />exaept that bond #1 sha11 be for $1.,700.00, shall be dated 4ctobsr l., 1959, and
<br />shall bear interest at the rate of not to exceed four percent (4%) per annum,
<br />payabl.e serai-a-nnually on the first days of JUne and December of each year until
<br />the principal sum is paid, and shall mature in twenty annual instal.7ments after
<br />their issuance.
<br />Section 3: That for the purpose of raising monsy in anticipation of the
<br />levy of special assessnents and in anticipation of the issuance of bonds in
<br />anticipation of the collection of special assessments for the construction of
<br />r?;> the above sewage plant and sewage collection system, in accordance wifih -the
<br />1.egislation herstofore passed by the City Cotincil with respect thereto to pay
<br />the praperty ownerst share of f.he cost and axpense of said respective ir+tprovement.,
<br />it is hereby declared necessary to issue and there shall be issued note or notes
<br />of the City of North Qlmsted in the sum of $¢205,700.00, the proceeds of which
<br />shall be used to retire th.e outstanding note as above recitad.
<br />Section 4: That such anticipatory note or notes in the amount aforesaid
<br />shall be issued bearir.g interest at a rate not exceeding four percent (41cQ per
<br />annutn, pa,yable at the maturity of said note or notes; said note or notes shall
<br />be dated June 25, 1959, and shall mature on or before June 25, 1960; such note
<br />or nates shall be executed and delivsred in such manner and such denominations
<br />as may be reouested by the purchaser of said note or notes.
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