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oRDIN?rcE ro. G y - .14 <br />AA ORDIAANCE TO PROVIDE FOR THL IgSSIRNCE OF NOTFS IA Al'1rICIPATIO11 <br />OF TAE I3SUAACE OF BOIfDB A1VD OF THL LEVY OF SPECUL A38E3SMM3 FOR <br />THE CON9TRX.'TION OF A WATEA MAIII IN 110iAT8 PAW 3EWER DI3TRICT, A1fD <br />DBCLARIPG All HMERGElICY <br />? WAEAEA3, the Council of the City ot Aorth Olested ha?a heretofore by praper <br />? legislation declared the neceasity of improving the street hereinalter designeted <br />by conetructing a water min; and <br />WMWM, the Director of Finaace, as fiscal officer of the City, bas certified <br />a,s to the meucimug meturity of the bonds prvposed to be issued sad also aa to the <br />ssturity of the notes hcrcin authorised; <br />-4? <br />1pW, TAERMRE, HE IT 0M)AIl1ED by the Cancil of the City ot Ilorth Olssted, <br />Oh10: <br />Section l. That it is hercby declared necessary to iasue banda of the City of <br />lbrth Olasted in the principal aus of * 16,972 tor the purpose of pqying, in <br />anticipation of the colleetion of special eaaesssenta for the constructlon of a <br />vttar iain in liorth Park Drive betveen certsin ternini. . <br />8ection 2. That usid bonda sball be dsted spproacimate]y lisrch 1 1 , <br />shsll besr interect at the catimated rste.ot three per ccntum per aanun, ps"ble <br />aesiaaauslly, until the principsl swr is psid, ead shall msture in ten aubstarrtial]y <br />equal aanual instal]?cntc after tbeir iasuaace. <br />8ectioa 3. That for the purPose of raising soney ia mticipdtioan of the levy <br />of specisl saseessMnte and af the iseusace of the aforessid bondo ior the sbove <br />aescribad improvewnt, it is hereby declsred necessary to iesuc aad there stiell be <br />issued nates of oaid City in the pMncipel smunt of $ 16, 9?,2 . <br />8ectioa 4. Rhat auch anticipatory notes in the eaount aforeeaid ahsll bear <br />iaterest at the rate oP per ccntum ( %) <br />per annuik such interest to b-C p? axs ur y. 8ucb notes eha11 be dated as <br />ot the date of issuance, sba11 be in auch danaai.nstions as the purchsser my request, <br />aad shall msture vn or bclare one year lrom aaid date. <br />9ectioa 5. Such noteB ahsll be executed by the Meuror aad. Director af Finence <br />sod bear the seal of the corporstion. Tbey absll be py?sble st the llsin Oitice of <br />'rhe lfationsl City Baolc oi' Clevrelsnd, Clevelmd, Ohio, aad sball express upoa their <br />lases the purpose for ti+hicb tbcy are ieaued and that they e;re iseued Dureuaat to <br />this Ordiosnce. <br />8ectl.oq 6. All asueasecate collecte8 for the imprare?errt a?t'oresaid, sad any <br />unexperded balanco reasinias in the iaprovessnt lLod after the coats aod expenseg <br />af anid improresent hevc been paid, sball be applled to the paywent of seid notee <br />and the interest Lhcreon uatil both are fully provided for. <br />?. <br />"?,,. ?