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<br />ORDINANCE N0. ,,,~„~;~~~~,
<br />BY s Mr. __~,/~,~2~-c.~.c~i~' AN ORDINANCE TO PROVIDE FOR THE I~SUII~IG
<br />OF NOTES IN ANTICIPATI{IN OF THE I~'~Y OF
<br />S~?ECIAL ASSESSM~iTS AND IN AATTICIPATION
<br />OF THE. ISSUING OF $O~tDS IN ~TTICIPATION
<br />OF THE COIS~ECTIO~t OF SPECIAL ASSESSMENTS.
<br />FOR THE ID~'PR©'VENIEHT OF CT+AGLTF B.(?AD FROM
<br />LORAIN ftOAA TO ~ASTICK ROAD., BY EONSTBUCT-
<br />ING SID I1~STALI~ING A FIVE FOOT CONCRETE
<br />P_UBI~IC~ SIDE'~TAI,K ON BOTH SIDES OF SAID:
<br />CLAQUE ROAD
<br />Whereas, the Council of the City of North Olmsted has heretofore.,
<br />"`°'~` by proper legislation, determined that .the improvement of Clague Boad from-.
<br />Lo rain road to l~astick road, by constructing and installing a. five foot
<br />concrete public sidewalk. on both sides of said Clague mad;, is necessary
<br />for the irmnediate preservation of the public health, peace, safety and
<br />welfare, and
<br />'Whereas, this Council contemplates the use of X50,000,00 for the
<br />purpose of ,paying the portion of said improvement, which is to be paid by
<br />assessments:
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />NORTH OLMSTED, STATE OF OHIO::
<br />5,,~,,,ct'on 1.,. That it is hereby declared necessary to issue bonds
<br />of the City o ort Olmsted in the principal sum of X50,000.00 for the
<br />purpose of raising money in anticipation of the collection of special.
<br />assessments for the improvement of Clague 8oad from Lorain 8oad to .stick.
<br />8oad, by constructing a8d installing a five foot concrete public s~.dewalk
<br />on both sides of said Clague Road.
<br />Sectio_n, ~2
<br />X1,000.00 each s~a.~l
<br />at the rate of not to
<br />annually on the first
<br />principal sum is paid
<br />their issuance.
<br />That said bonds shall be
<br />be dated August 1, 1957,
<br />exceed four (~.) per cent
<br />daps of April and October:
<br />and shall mature in ten
<br />of the de ~mination of
<br />and shall bear interest
<br />per annum, payable semi-
<br />s of each year. until the
<br />annual installments after
<br />Sectio~3 That for the purpose of raising money in anticipation
<br />of the levy of special assessments and in anticipation of the issuance of
<br />bonds in anticipation of the collection of special assessments for the
<br />improvement of the above named street by constructing and installing a
<br />five foot concrete public sidewalk on both sides of said strut in accord-
<br />ance with the legislation heretofore passed by the City Council with
<br />respect thereto to pay the property owners' share of the cost and expense
<br />of said respective improvement, it is hereby declared necessary to issue
<br />and there shall be issued, note or notes of the City of N orth Olmsted. in
<br />the sum of 50,000,00, which shall be laced to the credit of the Clague
<br />Road Sidewalk Fund in the amouin~t of50,000,00.
<br />Section That such anticipatory note or notes in the amount
<br />aforesaid sha~.f~be issued bearing interest at a rate not exceeding four
<br />per .cent (~~) per annum, payable at the maturity of said note or notes;
<br />said note or-notes shall be dated as of the date said note or notes are
<br />sold, airl shall mature on or before one year after date; such note or
<br />notes shall be executed and delivered in such manner acid such denominations
<br />as may be requested by the purchaser of said note or notes,
<br />~5,~-ct~ion r Said note or notes shall be executed by the Mayor
<br />and the City ,A.ud~; shall bear the seal of the corporation; they shall
<br />be payable at the office of The National City Bank of Cleveland, North
<br />Olmsted office, in the City of North Olmsted, Ohio; they shall express
<br />upon their face the purpose for which they are issued and that they are
<br />issued pursuant to this Ordinance.
<br />~ ? iWgl~""'.. .- .. „aii3,]eV?!}C'S~"a4??~tl1.':9Le'S'Y1~ .....,:..._~v.. fe~.MN..
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