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~1 ORDINANCE N0. a ~r' 2 ~ BY: Mr. AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE L~;PY OF SPECIAI, ASSESSMENTS AN'D IN ~TICIPATION 4F THE,-ISSUING OF BONDS IFS ANTICIPATION OF' THE Cf}CTION E3F SPECIAL ASSESSND~dTS Ft?R THE IhIPRt}YEi~N'T ~QP' ~ Y RIDGE ROAD FRQM.COLUN~IA ROAD. TO-BUTTERNUT RIDGL ROAD:, BY CONSTRUCTING THEREIN A WATER MAIN. Whereas, the Council of the City of North Olmsted has heretofore, by proper legislation, determined that the improvement of Kennedy Ridge Road from Columbia Road to Butternut Ridge Road, 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 X61,000.00 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 OI1'~ISTED, STATE OF OHIO:: Section l That it is hereby d~l.ar®d necessary to issue bonds of the City ort Olmsted in the principal sum of 61,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Kennedy Ridge Road from Columbia Road to Butternut Ridge Road, by c-onstructing therein a water main. Section 2. That said bonds shall be of the denomination of X1,000.00 each, shall be dated February 1, 195$, and shall bear interest at the rate of not to exceed four (~+~) per cent per annum, payable semiannually on the first days of April and Octob er of each year until the principal sum is paid, and shall mature in ten annual installments after their issuance. S~action~., That for the purpose of raising money in anticipation of the levy o 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 1 egislation heretofore passed by the Gity Council with respect thereto to pay the property ownerst share of the cost and ex- pense of said respective improvement, it is hereby declared necessary to issue and there shall be issued, note or notes of the Gity of North Olmsted in the sum of X61,000.00, which shall be placed to the credit of the Kennedy Ridge.Water Improvement Fundin the amount of 61,000.00. Section .., That such anticipatory note or notes in the amount aforesaid sha 11 be issued bearing interest at a rate not exceeding four per cent (~~) 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 denominations as may be realuested by the purchaser of said note or notes. `~ Section 5. Said note or notes shall be executed by the Mayor 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 Borth Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance. Section 6. All assessments collected for the improvement afore- said and unexpended balance remaining in the fund after the cost and expense of said improvement has been paid shall be applied to the payment of said note or notes and the interest thereon until both are fully provided for.