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ORDINANCE N0, ,~ ~.j ~ BY: Mr. ~ L,~' AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN.ANTICIPATION OF THE LE,'VY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION' QF THE ISSUING OF BONDS IN ANTICIPATION OF THE CE3I-LECTION OF SFECIAL ASSES~TS FOR THE IMPROVEMENT OF BRA?~Y ROB. ~f B kiRTON RGAD ~IOr2THE~,Y ..976 FEET, BY _ CON- STRUCTING THEREIN A-WATER &1'Albi. Whereas, the Council of the City of North Olmsted has heretofore by proper ]~egislation, determined that the improvement of Bradley Road from Barton Road northerly 976 feet, by constructing therein a water main, is necessary-for the immediate preservation of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of X15,000.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLt~2STED, STATE OF OHIO:.. S~;ction 1 That it is hereby declared necessary to issue bonds of the Citp off,' N~ ort~ Olmsted in the principal sum of I~,000.00 for the purpose of raising maney in anticipation of the collection of special assessments for the improvement of Bradley Road from Barton Road northerly 9 76 feet, by constructing therein a water main. Section 2, X1,000.00 each,-shall at the rate of not to annually on the first principal sum is paid their issuance. That said bonds shall be of the denomination o f be dated February 1, 195$, and shall bear interest exceed four (~.) per cent per annum, payable semi- days of April and October of each year until the and shall mature in ten annual installments. after Section ~. That for the purpose of raising money in anticipa- tion of the 3.evy of special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments: for the improvement of the above named street by constructing therein a. water main in accordance with the legislation heretofore passed by the City Council with respect thereto to pay the property ownerst share of the cost and expense of said respective improvement, it is hereby declared necessary to issue and there shall be issued, note or notes of the City of North Olmsted in the sum of X15,000.00, which shall b e placed to the credit of the Bradley Road Water Improvement Fund in the amount of 15,000.AO. Section_l,~._, That such anticipatory note or notes in the amount aforesaid s ia~l b~e issued bearing interest at a rate not exceeding four per cent (~r~~ per annum, payable at the maturity of said note or notes; said note-or-notes shall be dated as of the date said note or notes are sold, and shall mature on or before one year after date; such note or notes shall be executed and delivered in such manner and such denomina- tions as may be realuested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by the Ivlayor and the City Auditor; shall bear the seal of the corporation; they shall be payable at the office of The National City Bank of Cleveland, North Olmsted office, in the City of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance.