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CZTY UF NQRTH OUiSTED
<br />48DINANGE 110. 2880
<br />BY /)zzv_11
<br />AN t7RDIlVANCE TO PROVIDE FQR TFIE ISSUING OF NQ1F5 IN ANTICIPATION
<br />OF TSE LEVY UF SI'ECIAL A5SESSIDWS kND IN ANTICIPAlION (3F THE
<br />ISSU7NG OF BOIJDS IN ANmTCIPATION OF THE COLI,ECTIQN QF SPECIAL
<br />ASSESSDTEN'I'S I+"O8 TFFIE IMI'RQYEIT&T f}F IqTCH RQAD FROM WTTE?NtTT
<br />RIDGE xOAD TO THE SE70'Ti CITY LINE;, BY CONS`i'RUCTING AND IIJSTALL-
<br />ING A FIVE MOT CaNCKETF PiTBLIC SIDEWAI,K dN BOTi SIDES TMMBOF.
<br />WHERE-ASj the Council of the City of North Olmsted has heretofore by proper
<br />legislation$ determined that the iMprovement of Fi.tch Road fram Butternut Ridge Road
<br />to the Sauth City Line$ by constracting and installing a five foot coricrete public
<br />sidewalk on both sides thereoi, is necessary for the immediate preservatian of the
<br />public healthq peacep safety and welfare, and
<br />1413 E , th.is Council contemplates the use of $30v860.00 for the purpose of
<br />paying the portion of said improvement, which is to be pa,id by assessments, and
<br />WHF,.EtZ?:AS, heretofore, by virtue of the provisions of Ordinance No. 2564, a note
<br />of the City of North Olmsted was issued in the sum of $309860.00, purchased by The
<br />National. City Bank of Cleveland and which matured April 30, 1959, and bonds not having
<br />been sold permittirlg the paFyment of said note3, and
<br />W E+' , the proceeds of the note to be herein issued in the s-um of $30,86o.00
<br />to be dated April 30t 1959, to mature on or before (}ctober 31, 1959, bearing 2* interest
<br />per annum,, payable at maturity or the d.ate of any prepa,yment thereof sha].I, be used to
<br />pa,y off the past due note heretofore referred to, with interest.
<br />NOW$ TB "° RE, BE Ii' €7RDAIN"r? by the Council of the City of North Olmstedt
<br />State of Ohio:
<br />Section l: Tha,t it is nereby declaxed necessary to issue bonds of the City
<br />of North Olmsted in the principal, sum of $30060.00 £or the purpose of raising money
<br />in an.ticipation of the collection of special assessments for the i.mprovement of Fitch
<br />Road from Butternut Ridge Road to the South City Line, by constructing and installing
<br />a five foot concrete public sidewalk on both sides thereof.
<br />Section 21 : That said bonds sha11 be of the denamination of $1r000.00 eachp
<br />except that Bond No. l shall be for $860.00, shall be dated August l, 1959p and shall
<br />bear intexest at the rate of not to exceed four percent (4%) per ann,um? pa,ya'ol.e sema-
<br />ann.ually on the first days of June and December of each year until the principal sum
<br />is paid, and shall mature in ten a.nnual i.nstallments a,fter their issuance.
<br />Section 3: That ior the purpose of ra,ising money in anticipation of the levy
<br />of special assessments and in anticipation of the issuance of bonds in anticipation of
<br />the collection of special assessments for the i,mprovement of the above named street by
<br />constructi.ng therein a five foot concrete public sidewalk on both sides thexeof in
<br />accordance with the legislation heretofare passed by the City Couneil with respect
<br />thereto to pay the property owners' shaxe of the cost and expense of said respective
<br />improvement, it is hexeby declared necessary to issue and there sha11 be issued note
<br />or notes of' the City of North Olmsted in the sum of M,860.U0, the proceeds of vrhich
<br />shall be used to retire the outstanding note as above recited.
<br />Sectian 4: Th,a,t such anticipatory note or notes in the amount aforesaid sha1.1
<br />be issued bearing interest at a rate not exceeclin.g four percent (4) per anmm, payable
<br />at the maturity of said note or notes; said note or n.otes shall be da,ted April 30t 1959,
<br />and shall mature an or befoxe October 31, 1959; such note or notes shall be executed and
<br />delivered in sueh manner and such denomi.nations as may be requested by the purchaser of
<br />said note or notes.
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