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oRDINANCE No. _ ~ 3 9..~ BY: Mr. AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE CQLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT-OF BROOKPARK ROAD FROM MARTIN DRIVE EASTERLY 1322.46 FEET, WITHIN THE CITY OF NORTH OLMSTED, BY CON- STRUCTING THEREIN A WATER MAIN.. Whereas, the Council of the City of North Olmsted has here- tofore, by .proper legislation, determined that the improvement of Brookpark Road from Martin Drive easterly 1322.46 feet, within the City of North Olmsted, 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 X20,100.00 for the purpose of paying the portion of said improvement, which is t<~ be paid by assessments. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY O]? NORTH OLMSTED, STATE OF OHIO: Section 1. That it is hereby declared necessary to issue bonds of the -City off` North Olmsted in the principal sum of X20,100.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Brookpark Road from Martin Drive easterly 1322.46 feet, within the City of North Olmsted, by con- structing therein a water main. Section 2. That said bonds shall be of the denomination of 1,000.00 each, except that bond No. 1 shall be of the denomination o~" 1,100.00, shall be dated August 1, 1957, and shall bear interest at the rate of not to exceed four (4) per cent per annum, payable semi-annually on the first days of April and October of each year until the principal sum is paid, and shall mature in ten annual installments after their issuance. Section 3. That for the purpose of raising money in anticipa- tion of the levy of-special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assess- ments 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 ownersf 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 20,100.00, which shall be placed to the credit of the Brookpark Road Water Improve- ment Fund in the amount of X20,100.00. Section 4. That such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at a rate not exceeding four per cent (4~) per annum, payable at the maturity of said note or notes; said note or- mtes 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 requested 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 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.