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,~ BY: Mr. r ORDINANCE NO. ,~ ~= AN ORDINANCE TO PROVIDE FOR THE I SSUIEG OF NOTES . I~t Al~'PI~IPATI4N ..OF THE ~' OF SPECIAL . ASSE~SI~SNTS A~TD IN . ANTICI~;ATIODI QF THEw IS~UI]~C~ OF $O~DS I~t ANTICIPATION OF THE Ct~OTIII~ OF SPBCIAL ASS~4 S FOR. THE J~PBNT -O1~ DEC1!CER GOAD FR~i MIDVAI.E AVE~ttE 3OUTH&NbY TO DITG~S .OAT SOUTH.ISNE OF SUBLOT ~O. 396, Bz' CONSTRUCT-- ING THERE]~t A ~TORI+~ SEf~ER.. Whereas, the C~nncil of the City of North Olmsted has heretofore. by proper legislatioa, determined that the improvement of Wicker Road from "~" Midvale Avenue southerly to a ditch on the south line of iablot No. 396, by co nstrueting therein-:a storm sewer, is necessary for the .immediate preserwa- tion of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of ~9,~.t~3.OO for the purpose o f paying the portion of said improvement, which is to be paid by assessments. NOW, THEREFORE, BE IT ORDAINED BY THE COt1NCIL OF THE CITY OF NORTH OI1~iSTE,D,. STATE OF 4HI4: . SeetiAn 1 That it is hereby declar®d necessary to issue bo nds of the City of Nert~ Olmsted in the principal sum of ~9,~.®O.OO for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Decker load from Midvale: Avenue southerly to~the ditch on.the south line of Sublot No. 396, by constructing therein a storm sewer. Section ?s That said bonds shall be of the denomination of X1,400.04 eac , .except that bond No. 1 shall be for $1,1~00.DO, sha].1 be dated December 1, 195$, and shall bear interest at the rate of not to exceed four (1~.~ per cent per annum, payable semi.-annually on the first:, days of June and December of each year until the prinii~ sum is paid, and shall mature in ten annual installments after their issuance. Section 'i That for the purpose of rais~g moaep ins anticipation of the levy~a~-spea~al assessments and is anticipation of the issuance of bonds in anticipation of the collection of special assessmentsfor the im- provement of the above named street by constructing therein.~a water maia~in accordance with the legislation:: heretofore passed by the City Council with respect thereto to pay the property owners share of the cost axed expense of said respective improvement, it is hereby declared necessary t® issue and there shall be issued, note or notes of the City of N®rth-almsted in the suffi of X9,4©O.OO, which shall be placed to th® credit of the S~ecker Road Storm Sewer improvement Fund NQ. 2, in the amount of ~9,~.00.@4. Sectiaa,^,!„~, That such anticipatory note or notes in the amount aforesaid die.issued bearing interest at a rate not exceeding four per cent (4~~ per annuffi payable at the maturity of said cote or notes;:. said note-®r--notes sha7.~. be dated as of the date said note or notes are sold, and shall mature oa or before one year after date; such Hate or notes shall be executed and deliverlld in such manner and such deno~uina~- bons as may 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--; shall bear the seal of the corporation; they shall be payable at ..the office of The National City Sank of Cleveland, North Olmsted office, in the City of North Olmsted, Ohio;-they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance,