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CITY ClF NCRTH QLMSTED OR17INANCE Na. 2882 By ?./ AN ORDTNANCE TO PKOVIDE FOR THE ISSUING QF NQ2'ES Ild AN2TCI?.'ATTON 4F THE LEEVY OF SPECIAL $SSESSMENTS JVD gJ AN'.CTCTFATI(}N CF THE ISSUING QF BQNDS IN ANTICTP,A- TTON QF `i`HE C(3I=TION (3F SPECTAL ASSESSMETt'1'S FE3R 'M TM'R.OVMZNT 0F DECKM RQAD FROM MIDVALE AVENUx SQUFHERLY TQ 3HE SC)UTH I,INE E7F SUB LQT NO. 396, mtwrnt AS Dmim RflAD STORNI SEWER NQ. 2.1 BY CQIVSTRUCTING AND INSTAI,LSNG TIiMEIN A STCRM SE?M. WHUMAS, the Council af the City of North Olmsted has heretofare by propar legislation,, determi.ned that the improvenent of Decker Road fron Midvale Avenue southerly to the South Line of Sub Lot N4, 396, by cmn- strueting and inatallirg therein a storm sewer, is necessary for the in- mediate preservation of the public health) peace, safety and welfare., and 1 .*3EREA?S., this Council contemplates the use of $9.9400.00 for the purpose of pa,ying the portion of said improvernent,, which is to be paid by assessmsnts, azld WBMAS., heretofore.. by virtue of the provisions of (3rdinance No. 2570, passed October 1, 1957, a note of the City of North Olmsted was issued in the sum of $9s400.00s purchased by The National. V'ity Bank of Cleveland$ and which matured Apri.l 30, 1959, and bonds not having been sold permitting the payment af s aid not e 3 arui ?w7MFA.S., the prOC9@CI5 of the note to be nerein issued in the sum of 49,400.00, to be da.ted April 30, 1959, to mmature on or before December 30, 1959, bearing 22% intsrest per anm:m., payable at maturity or the date of a.n,y prepaymont thereof shall be used to pay off the past due note herstofor. e referred to, with interest. TdOW., 1FMEFOREj BE IT ORDAINED by the Coian.cil of the City of North 07.mted' State of Ohio: Section 1: Tilat it is hereby declared necessary to issus bonds of the City of North 07msted in the pri.ncipal swn of $9.,400.00 for the purpose of raising money in anticipation of the collection of spscial assessmcnnts for the 3rnprovement of Decker Road from Midvale Avenue southerlg to the South Line of Sub Lot Rto. 396, by construeting and installinE -L-herein 4(storm sewer. Section 2: That said bonds sha1Z be of the denoma.nation of $1,000,00 each, except that Bond No. 1 shall be for $400.00 dated August lp 1959s and sha11 bear interest at the rate ofl not to exceed four percent (4%) per annum,, payable semi- annually on the first days of June and December of each year until the principal sum is paid., and shall mature in ten annv.al installments after their issuance. Section 3: Tha.t for the puspose of raising maney in anticipati_on vf the levy of special assessments and in anticipation of the issuanee of bonda in anticipation of the co7.2ection of spacial a.ssessmsnts for the improvemant of the above namad street by constructing therean a storm sewer from Pti.dvale Avenue southerlv to the South Line of Sub Lot No. 396, in accordance with the lagislation heretofore passed by the City Council with respect thereto to pay the property owners' share of the cost and expense of said respective improvement., it is hereby declared necessary to issue and there shalI be issued note or nates of the City of North O7sns-L-ed a.n the awm oF ?9.,400.00., the proceeds of which shaJ1 be used to re- tire the outstanding note as above recited.