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08DINANCE Na. ,'2 J~rCo 7' BY: Mr. ~/ AN 08DIDTANCE Ta PBaVIDE F08 THE I3SUIYG OF 1~aTE3 IN ANTICIPATION OF TEE I.EYY aF SPECIAL A3SE3BME~1'T3 A~iD IN ANTICIPATI~i QF THE-ISSUING OF BOND3 I~1 ANTICIPATION aF THE Cca~ECTI. aF sPECI,~ Assam ~~ F08 THE I~TPBaVE1T OF DECIt 80AD. FBt~ LOB.AIN 80AU Ta MIDVAi.E AVEI+IHE, BY GxADING AND PAVING-THE 3AME. Whereas, the Council of the Csty of North Olmsted has heretofore `" by proper legislation, determined that .the improvement of Decker 8oad froffi Lorain 8oad to Midvale Avenue, by grading and paving, is necessary for the i~nediate preservation of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of ~35,3Ga,0v far the purpose of ...paying the portion of said improvement, which is to be paid by assessment8 Nt~T, THEREFORE, BE IT aBDAINED BY THE COUNCIL OF THE CITY OF NQRTB shM3TED, ;STATE aF OH'Ia: . 3e t ®n ~ That it is hereby declared necessary t® isms bands of the City ® ®rt Olmsted i.n the principal sum of X35,30®vA for the purpose of raising money in anticipation of the collection of special assessments f®r the improvement of Decker 8oad from Drain 8~ad to Midvale Avenue, by grading and paving the same.'- t' on, 2s,; That said b©nds shall be of the dencimination of ~l,©oo.00 eaa t-eicept that Nond N©.v l shall be for $1,30v.flv, shall be dated December~l, 195$, and shall bear interest at the rate mf not to exceed four t1~~ per cent per annum, payable ssasi.annually on the first days of June and Deceslber of each year until the principal sum is pait~, and shall mature in ten annual installments after their issuance. 3~! tion That far the purpose of raising money in anticipa- tion of the- ®vy o -special assessments and in anticipation of the issuance ®f bonds 3.n anticipation of the collecti®a 0f special assess tents for the improvement of the above named street by grading and paving the sa~ts in accordance t~rith the 1®gislation heretofore passed by the City Council with respect thereto t® pay the property ownerst share ®f the cost and sacpense of said respective improvement, it is hereby declared necessary t® issste and there shall be issued, n®te or n©tes ®f the City of H'orth Q]asted in the sum: of ~35,30v.00l~which shall be placed to the credit of the Decker 8oad Paving Improvement Fund in the amount of ~35,3oo:av. 3sctia-n ~.. That such anticipatory note or notes in the am®unt aforesaid ems-issued beariag int®rest at a rate not exceeding f©ur per cent ~#~~ per aanum payable at the maturity of said nods or n®tes;; said nmte-or-sates shah. be dated as of the date said note or notes ors sold, and shall mature on or before one year after data; such note or notes shall be executed and delivered a.n such manner and such dsnoffiinations as may be requested by the purchaser of said note or notes. 3 c ion„; Said note or notes shall be executed by the Mayor and the Cit~j~itor; shall bear the seal of the corp®ration; they shall be payable at the office of The Notional City Bank of C7sveland, forth Olmsted office, in the City of Nierth Olmsted, Ohi®;they shall express upon their face the purp®se f®r which they are issued and that they arm issued pursuant to this Ordinance: .... ,. , . ,,.~ .....,. _ ..:, . E , .... ,.:.. ~ ..~ _ ..... ~ ,.