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~~ ORDINANCE N0. ~~~/ ~ AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES IN AN.PICIPATION OF THE LEVY OF SPECIAL ASSESSMEI+TS'S AND IN ANTICIPATION OF THE ISSUANCE OF BONUS TO PAY THE COST OF IMPROVIlYG CAIN S~.'REETS IN THE CITY OF NORTH OLMSTED BY CONSTRUCTING SANITARY SEWERS, AND DECLARING AN EMERGENCY WHEREAS, under authority of Ordinance No. 62-5, passed January 2, 1962, a Sewer Improvement Assessment Note in the principal amount of $1,300,000 was issued, was dated February 1, 1962 and is about to fall due, such note being issued for the purpose hereinafter stated; and WfiEREAS, additional time will be required to enable the City to complete construction of the improvements financed thereby, to levy the assessments therefor and to issue the bonds to permanently fund such note indebtedness; and WHEREAS, to preserve the credit of the City, it is necessary to issue new notes to retire such outstanding note, and the maturity thereof will fall within the aggregate maturity period for such note indebtedness of five years as certified by the fiscal officer; NOW, THEREFORE, BE IT ORI~INED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO: Section 1. That it is deemed necessary to issue bonds of the City of North Olmsted, in the principal sum of $1,300,000 in anticipation of the collection of special assessments and the issuance of bonds to pay the assessable portion of the cost of constructing sanitary sewers in certain streets designated in Ordinance No. 62-5 aforesaid and comprised in Contracts ~+, ~+ A, 5, 6 and 8. Section 2. That said bonds shall be dated approximately January 1, 1964, shall bear interest at the estimated rate of four per centum per annum, payable semiannually until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance, Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described improvement, and to pay and retire said existing note issue dated Febru 1, 1962, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $1,300,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate, not exceeding four per centum (4~6) per annum, as may be fixed by the Director of Finance in his award thereof at private sale, such interest to be payable at maturity. Such notes shall be dated February 1, 1963 shah; be in such denominations as the purchaser may request, and shall m~,f~ure on or before February 1, 1964. Section 5. Such notes shall be execut!~d by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the Main Office of Cleveland, Ohio, and shall express upon their faces the purpose for which ~ are issued and that they are issued pursuant to this ordinance.