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CITY OF NORTH OU•iSTED
<br />ORDiNANGE Na. 2881
<br />By.
<br />.AN URDINANCE Ta P?IOVIDE F(R TIiE ISSUING OF NC7TES IN ,ANTTCIFATTON C3b'
<br />THE I,?"'VY QF SPEGIAI, ASSE5SIvIEN'PS AP1T) IN ANTICLDATIQiV OF TIiE ISSUING
<br />C1F t30NDS IN AI'TC7PATI4Id OF TFiE C NCTT4N OF SPECTAL ASSESSI4ENTS
<br />FCR T'rTE EVRCNMVNT QF DLCifER RQAD, KNOWN AS DECKER RaAD I'ASIING #1,
<br />FROM LQRAIN RQAD 5071YTiERLY T4 P•gTDVASE AV!
<br />WHMEAS, the Council of the City of Nortl-l Olmsted has heretofore by propex
<br />legislations determined that the inprovement of Decker Road, knowm as Deeker
<br />Road Paving #ls from Lorain Road southerly to MidvaZe APenue be improved by
<br />pavin.g thereof, is necessary for the immeda.ate pxeservation of the pitblic safety,
<br />welfare, health and peace., and
<br />WM7-,,AS, this Council contamplates the use of $35,300.00 for the purpose of
<br />paying the portion of said impravemerzt., which is to be paid by assessments, and
<br />WF-FIMEA,5, neretoforas by virtue of the provisions of Ordiriance No, 2567,
<br />a note of the Gity of North Olras'ued was issued in the sum of $35,300.OQ3 pvrchased
<br />by The National City Bank o£ Clevelanc3 and which matured April 30a 1959, and bonds
<br />not having been sold permitting the payment of said note, and
<br />'°1IMEA,S., the proceeds of the note to be herein issued in the svm of $35,300.00
<br />to be dated April 30s 1959, to mature on or pefoxa October 31, 1959, bear;ng 2e,
<br />interest per annum., payable at maturity or the date of any prepayment thereof shall
<br />be used to pay off the past due note heretofore referred to, with interest.
<br />NO&a$ THEREI+'On.E, BE IT 00AIIdED by the Council of the City of Nort,h f?lmsted,
<br />State of Qhio:
<br />Section 1s Tnat it is hereby dec7ared rzecessary to issue bonds of the Gity
<br />af North Olmsted in the principal sua of $35,300.00 for the purpose of raisimg,
<br />money in anticipation of the collection of special assessments far the improvement
<br />of Decker Road? L-aown as 17ecker Road Paving #1, from Lorain xoad southerly to
<br />Mti.dvale ,Avenue.9 by paving.thereof.
<br />I
<br />Section 2: Tiiat said bonds shall be of the denorainatian of ,p].,,OOO.OQ eac:z,
<br />except tnat Bond No. 1 sh.all be for $I000.00, shall be dated Au.gust 1, I959, ar._d
<br />shall bear interest at the rate of not -to exceed £ovr percent (4%.) per annum? pavable
<br />semi-annually on the first days of June and December of each year untiZ the grincipal
<br />sum is paid., a.nd shall mature in ten annual instal]ments after thsir issuance.
<br />Section 3: That for the purpose of rai,sing money in anticipation of the
<br />levy of special assmments and in anticipation of the issuance of bond5 in
<br />anticipation of the co7lection of special assessments for the improvament of
<br />the a'pove named street by paving thereof fram Lorain Road southerly to Midvale
<br />Avenue, in accordance with the lsgislation heretofore passed by the City Council
<br />with respect thereto to pay the property ownerst share of the cost an.d expense
<br />of said respectivs improvement, it is hereby declared necessary to issue and
<br />there shall be issued nove or notes of the Gity of North Olrnsted in the sum of
<br />$35,300.00, the proceeds of which shall be used to retire the outstandirg note
<br />as above recited.
<br />Section 4: T1IRt such anticipatory note or notes in the amount aforesaid
<br />shall be issued bearirg interest at a rate not exceeding four percer?t (4%) per
<br />ani2um., payable at the matUritg of said note or notes; saie3 note or nates shalZ be
<br />dated April 30p 1959, and sh.all matare on or before October 31, 1959; su.ch note
<br />or notes shal.l be executed and delivered in such manner and such denominations as ma;
<br />be requested by the purchaser of said note or notes.
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