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CITY OF NORTH OLMSTED Ordinance No. 62 y /r~~ By ~~ ` ti AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE COST OF IMPROVING PART OF DECKER ROAD IN THE CITY OF NORTH OLMSTED BY CONSTRUCTING THEREIN A STORM SEWER, AND DECLARING AN BMERGENCY. WHEREAS, the owners of more than sixty (60~) per cent of the front footage of lands abutting on Decker Road from the southerly line of Sublot 396 to Southern Avenue have petitioned in writing for the improvement of said street by constructing therein a storm sewer and have in said petition agreed to be assessed for the entire cost thereof and the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of improving Decker Road by the construc- tion of a storm sewer therein as set forth above. WHEREAS, the Director of Finance, as Fiscal officer of the City, has certified as to the maximum maturity of the bonds proposed to be issued and also as to the maturity of the notes herein authorized. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio, three-f ourths of all members elected thereto concurring: Section 1: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of Fourteen Thousand Dollars ($14,000.00) for the purpose of paying, in anticipation of the collection of special assessments, the cost of improving Decker Road from the southerly line of Sublot 396 to Southern Avenue by installing therein a storm sewer and appurten- ances thereto in the manner provided in Resolution No. 62-82 which became effective on May 25, 1962. Section 2: That said bonds shall be dated approximately December i ~ 1962, shall bear interest at the estimated rate of three and one-half per centum per annum, payable semi- annually until the principal sum is paid, and shall mature in ten substantially equal installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the levy of special assessments and of the issuance `~ of the aforesaid bonds for the above described improvement, it is hereby declared necessary to issue and there shall be issued notes of said City in the aggregate amount of Fourteen Thousand Dollars ($14,000.00}. Section 4: Such notes shall be executed and delivered at such time or tithes and in such amounts and denominations as may be found by the Director of Finance of this City to be necessary to meet obligations incurred by this Council in making the improvement referred to in Section 1 hereof. Such anticipatory notes shall bear interest at such rate not exceeding three per centum per annum, with provision that in the event of default such notes shall bear interest at such rata not exceeding three and one- half per centum per annum, all to be fixed by the Director of