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ORDINANCE N0. BY: Mr. _„~_, AN ORDINANCE TO PROVIDE FOR THE ISSUING """" QF NOTES IAT ANTICIPATION OF THE I~~ifY OF sPFCIAL ASSESSNB~TS AND IN ..ANTICIPATION OF THE IssuzNG t~F BoxDS ZN ANTI CIPATIO~t QF THE CpLL1~CTION OF SPEC?.AL A3SESAIT3. FOR TAE IOVETT QF CQI.Ii~BIA RIAD Fri LURAIN Rt3AD TQ A~A~TICH ROAD BY CO~I3T$UG"~- INC :I1 IN3TAI~IH~ A FIVE F CONCRETE PIHLIC SSDTGTAI.R aN' THB EASTERLY 3iDE TFIE~'A~`. Whereas, the Conseil of the City of forth 4lmaatad has heretof©re; by pra~per ~,®gislation~ det®rm.med that th~- iapravemest of col fa cad frcmi Lorain mad to ~'astck $4ad, by constructing a~i nstallia a fivs~ foot concrete public sidewalk on the easterly side thereof, is necessary far the mediate preservation of the public health, peace, safety and welfare, and ~Ihereas, this C©uncil cmntemplates the use of $19,6a4Oa for the purpose of .,paying the portion of said improvement, which is to be paid by assessments. ~1~', THF~EFt9~#E BF IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OIL", STATE t?I+' ~1HIt):: mat°'an 1 That it is hereby declared necessary t© issue bonds of the City o -art almsted in the principal stem of ].9,644.fl0 for the purpose 0f raising mosey in anticipation of the collection of special assesents for the improvement of Colu~abia load from Lorain Read to Ntastick x©acl, by constructing and installing a five fo®t concrete public sidewalk ©m the easterly side thereof. ctiws~ ~ That said bonds shall be of the denomination o f X1,00©.fl4 ea~ s~csept that Bond No. 1 shall be for 94Q.t~{1, shall be dated July 1~ 1957, and shall bear interest. at the rate of n©t to emceed four (~.;~~ par sent per anntam, payable sem3.annually on the first days +ef April and October of each year until the principal s~ is paid., and shall mature in ten_ annual installments after their issuance, sect; o~,,~;~a That for the purpose of raisi~ag mosey in antic~.patioa of the lev~*-special assessments and in anticipation of the issuance of bonds in anticipation of the cAllectio~ of special assessments far the improvement of the above named street by constructi therein a; five foot concrete public sidewalk on the easterly side thereof is accordance w3.th the legislation heretofore passed by the City Council with respect thereto to pay the property owners' shar® of the .cost and expense of said respective i~aproveffient, it is hereby declared ~cessary to issue and their shall be issued, note or notes of the City of North Olmsted in the sum of X19,600.00, which shall be placed to the credit of the Columbia Rt~ad sde~,lk Improve- ment Fond in the amount of $19,640.©0 ~~~ 1 That such anticipatory note or notes in the amount +ctio ,.~ aforesaid s ua ~ e 3.sened hearing interest at a rate not exec four per cent {~.~) per annum, payable at the maturity cif said note or notes; said note or rtes shall be dated as of the date said Hate or notes are sold, and shall mature on or before one year after date; such note or notes shall be executed anti delivered in such manner and such denominations as may be requested by the purchaser of said note or notes. e,,,t~' ®n `' said and the City' ~Au toy'; shall be payable at the office of Olmst~ office, ixi the City upon their face the purpose are issued pursuant to this vote or notes shall be executed by the Mayor bear the seal of the corporation; they sha11 the National City Bank of Cleveland, North cif ~torth Olmsted, Ohio; they shall express far which they are issued and that they t~rdinance.