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? i CITY OF NORTH OLMSTED ORDINANCE NO. 64- BY? 10 ? AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS AND OF THE LEYY AND COLLECTION OF SPECIAL ASSESSMF,NTS FOR THE CON- STRUCTION OF CERTAIN SIDEWALKS IN SAID CITY, AND • DECLARING AN EMERGENCY. WHEREAS, Gouncil has by due proceedings made provision for the sidewalk construction hereinafter described and for the levy of assesaments to pay the cost thereof, such construction to be financed by the issuance of bonds and of notes in anticipation thereof; and WHEREAS, the fiscal officer of the City has certifiedthe maximum maturity of such bonds to be five years, and of such notes to be five years if sold publicly or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: . Section 1: That it is deemed necessary to issue bonds of the City of North Olmsted in the principal sum of Sixty-four Thousand Four Hundred Fifty Dollars ($64, 450. 00) in anticipation of the levy and collection of assess- ments for the construction of the sidewalks described and provided for in Resolution No. 64-151. Said bonds shall bear interest at the estimated rate of three and one-half per cent (3 1/2%) per annum, and shall mature in five annual installments. • Section 2: That it is necessary that a note shall be issued in anti- cipation of the isuance of said bonds. Section 3: That such note in the amount of Sixty-four Thousand Four Hundred Fifty Dollars ($64, 450. 00) shall be issued bearing interest at the rate of two and ten-hundredths per centum (2. 101o) per annum, payable at maturity of aaid note, shall be dated as of the date of issuance, and shall mature on or betore one year after date. Sei tion 4: Said note shall be executed by the Mayor and Director of Finance, shall bear the seal of the municipal corporation, shall be payable at the National City Bank of Cleveland, North Olmsted Branch, North Olmsted, Ohio, and shal] express upon its face the purpose for which it is issue.d and that it is issued purtiuant to the provisionA of this ordinance, • Secrion 5: Said note shall first be offered to the Director of F"inance of the City, having charge of the Bond Retirement Fund of the City, and. if rejected by him, then said note shall be and it is hereby awarded to The National City Bank of Cleveland at its par value. The proceeds thereof, other than thP amount ne<•PSSary to pay interest upon such note which amount shall be transferred to the Bond Retirement Fund, shall be paid into the proper fund and used only for the purpose aforesaid.