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CITY OF NORTH OLMSTED ORDIAtANCE NO. 2677 Introduced by~i if~'yi~c., lit AN ~I3INANCE TO PkOVIDE FOR THE ISSUING OF NOTES IZt ANTICIl'ATIOA OF THE L~iG OF SPECIAL ASSESSMt~iTS AND THB A11~IGIPATI0~+1 taF THE ISSUING OF HONDS IN ANTI- CIPATION OF TAE COLbECTION OF SPECIAL ASSESSME[~TS FOR '~~ THE II~kOYSAEAiT OF GBSS~R ROAD WESTERLY TO WALTER RQAD~ BY CE'~+1STRUCTING THBREIN A FIPL+ FOOT CONCRETE PUBLIC SIDEWALK ON BATA SIDES THEREOF. Whereas, the Council of the City of Nsmth a].wsted has heretofore determined that the iaprovement of t3essner Road frog Lorain Road, Westerly to Walter Road, by constructing therein a five foot concrete publ3.a side- walk on both sides thereof, is necessary far the imieediats preservation of the public health, pease, safety and welfare, and Whereas, this Council conte~lates the use of X22,000.00 for the purpose of paying the portion of said improvement, which is to be paid by asaeasmentS• NOW, TI3EREFORE, BE IT ORDAINED BY THE COUNCIL of the City of North 07~sted, State of Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City~I~orth Olmsted in the principal sum of ~22~000.00 for the purpose of raising money i.n anticipation of the collection of special assessments for the improveme:rt of Geasner Road from Lorain Road, Westerly to Walter Road, by constructing therein a five foot concrete public sidewalk on both sides thereof. Section 2. That said bonds shall be dated dune 1, 195, and shall bees' interest a the rats of interest not to eaaeed l~ per annum, payable semi- annual]gq on the first days of Apr3.l and October of each year until the principal sum is paid, and shall mature in ten (10) annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy of spee~a. assessments and is anticipation of the issuance of bonds in antici- pation of the collection of special assessment~t for the i~aprovemant of the above named street by constructing therein a five foot concrete public sidewalk on both sides thereof from Lorain Road W®sterly to ~lalter Road, in acaordanae with t2~te legislation heretofore adopted by the Council of the City of North Qlmstsd with rmspect thereto, to pay the property owners Sharp of the cost and expense of acid improvement, and it is hereby declared necessary to issue and be issued a note or notes-of the City of North O1~oated in the sum of $22000,00, which akiall be placed to the credit of Gessner Road Sidewalk Fund. No. 1 3.n the amount of ~22~000.00. Section !~. That such anticipatory note or notes in the amount aforesaid ' shall issue bearing interest at a rate not exceeding per anmmy payable at the maturity of said note or notes; said note or notes shall be dated as of the date said note or notes are sold, and shall nature on or before one year after date; such note or notes shall be executed and delivered i.n such manner and such denominations as mey be requested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by the Mayor and the City Auditor;bear the seal of the corporation; and sha11 b® payable at the office of The National City Bank of Cleve]atind, North 07msted Branch in the City of North Olmsted, Ohio; it shall eaq~ress upon its Ease the purpose for which it or they are issued and that it or they are issued pursuant to this Ordinance.