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OxBINANCE N0. ~ ~ L g BY: Mr ~~.ti,dv1~ ASS ©RDINANCE Tt3 PR4YIBE FE3R THE I3SUI~i . QF NOT~9 IN A~T~I.CI~'ATIgN -- ~F THE L~YY' ~F SPECIAb . ASST+~$'TS A~1B IN ANTICIPATION 4F THE- ISSG ~3F $t33S IN A1~TICTPA'~IIt o~ T~ffi CQ~tECTIa~T ~ sP~cIAL Ass~sSTs F~ ~ zR ~ QF B~c~R RaAn z~ x~A~ Tca ~BVA~.E Avr, ~Y . caN- sTR~cTING ~HEREZ~ ~ sTO~ s Whereas the Council of the City of North Olmsted has heretofore, by proper legislations determined that the 3.mprAVement of Becher Road froffi Drain 8®ad to ~[idvale Avenu®, bg constrta,cting Cherein a storm sewer, is a®ces:arp f®r the immediate preservation ®f the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of ~22,900.'E'3C for the purpose of paying the portion of said improvement, which is to be paid bg assessments. NCB', T~REFORE, BE IT ORBAINED BY THE CQUNCIL OF THE CITY OF NaRTkI 08TSD, STATE OF OHIO;.. S•. ion 1 That it is hereby declared necessary to issue bonds of th~~_.orth Olmsted in the principal sum of 22,9®0.00 for the p~pose of raising money in anticipation of the collection of special assessments for the imps©vement of Decker Road frcm~ Drain Road to l~i.dvale Avenue, by constructing therein a storm sewer.' e~tior~ 2°~ That said b©nds shall be of the denomination 0f 1,Q©~ ~®ac`~ excepting that bond No. 1 shall be of the denv~inatien of ~1,90C.04, shall be dated March 1, 195?, and sha].1 bear inter®st at the rate of ~t to o~eed four (4}; per cent per annum, payable s+~i- a~uanally 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 issuanc®. Section: That for the purpose of raising money i.n anticipation of the ~'.~'special assessments and in anticipation of the issuas.cee of bonds in anticipation of the collection of special assessments for the improvement of the above named street by constructing Cher®in ~ storm sewer in accordance with the legislation heretofore passe. bg the City Council v~rith respect thereto to pay the property ounerst share of the cost acid expense of said respective a.ffiprovement, it is hereby declared necessary to issue and there shall be issued, note or motes of the City of North Olmsted in the sum of ~22,904.~, which shs~l). be placed to the credit of the Becker Road storm Sewer Improvement Fta~nd in the amount of X22,900.40. Section !~ That such anticipatory note or notes in the am©t~nt aforesa~c~ be issued bearing interest at a rate not exceeding four per c®nt (~.~} per annum, payable at the maturity of said note or notes said.-..note or notes shall be dated as of the date said sofa or notes are sold, and shall mature on or before one gear after date; such note or notes shall be executed and. delivered in s~sc~r manner and such denomixiations as may be requested by the purchaser of said note: or notes. ~ectic~~ ~~ Said note or notes shall be exee~ated by the Mayor and t a Citg editor; sha7-1 bear the seal of the corporation; they shall be .payable at the office of the National. City Bank of Cleveland, Forth Olmsted office, in the City of l~srth Olmsted, Ohio; ~hsg shall express upon their face the pnrp~aae for which they axe issued and that .they are issued parsuant to this ordinance.