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CITY ~' NORTH OI.Ma''TED GFtDINANCE N0. 2679 Introdhced by ~,~''1L~°=-'~'TG AN CfftDINANCE TO PROVIDE FC~i THE ISSUTATG OF NOTES IN ANTICIPATION OF THE LEVYING f~' SPECIAL ASSESSMENTS AAID THE ANTICIPATION C~' THL~ ISSUING (E" BSS IN ANTI- CIPATI(31d OF THE COLLI9CTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF GES5NE~t ROAAl)) FR(~I WAZTF~ ROAD TO COLUMBIA ROAD, BY C(~+tSTRUCTINL THEREIN A FIVE FO(1T CONCRw'9'E PtTBLIC SIDEWALK Cf~1 BOTH SID'&S Tffi~REOF. Ldiereas, the Council of the City of North Olmsted has heretofore determined that the improvement of Lessner Road from ~Talter Road to Columbia Road, by constructing therein a five foot concrete public sidewalk on both sides thereof, is necessary for the mediate preser- vation of the public health, peace, safety and welfare, and T~tiereas, this Council contemplates the use of X7.5,200.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments. Nf~l', THEREFCffZE, BE IT (RDAINED BY THE COUNCIL of the City of North 0].msted~ State of Chios Section 7.. That it is hereby declared necessary to issue bonds of the Cirth Olmsted in the principal sum of ~-15,200.00 for the purpose of raising money in anticipation of the collection of special assesss~ents for the improvement of Lessner Road frox ~Talter Road to Columbia Road, by constructing therein a five foot concrete public sidewalk on both sides thereof. Section 2. That said bonds shall be dated June 1, 1958, and shall bear intere-s a e rate of interest net to exceed 1 per ann~, payable semi- annually on the first days of April and October of each year until the principal sum is paid, and shall mature in tan (IA) annual i.mstall~aents after their issuance. Se~cti~on~. That for the purpose of .raising money in anticipation of the levy o s-f pedal assessments and in anticipati®n of the issuance of bps in anticipation of the collection of special assessments for the improv+emant of the above named street by constructing therein a five foot concrete public sidewalk on both sides thereof from Walter Road to Columbia Road, in accord- ance with the legislation heretofore adopted by the Council of the City of North Olmsted with respect thereto, to pay the property ownerst share of the cost and expense of said improvement, and it is hereby declared neaes~car9 to issue and be issued a note ar notes of the City of North Olmsted in the sum of X15,200.00, which shall be planed to the credit of Lessner Road Sidewalk No. 2 in the amount of X15,200.00. Section ~1. That such anticipatory note or notes in the amount afore- said sha7~ibe ssued bearing interest at a rate not exceeding ~ per annum, ;;,~„ payable at the maturity of said note or notes; said note or notes sha11 be dated as of the date sa3.d note or notes are sold, and shall mature on or before orbs year after date, such note or notes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said note or notes. Section 5. Said note or notee~ shall be executed by the Mayor and the City Auditor; shall bear the seal of the corporation; and shall be payab7a at the office of The National City Bank of Cleveland, North Olmsted Branch in. the City of North 0]~sted, Ohio; it sha71 express upon its face the purpose for which it or they are issued and that it or they are issued pursuant to this Ordinance.