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oRDINAr~cE NO, a~~_ BY: Mr. AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE iEVY OF SPECIAL ASSESSN~ENTS AND IN ANTCCIPATI4H E)F THB ISSUING OF BONDS IN ANTICIPATION OF THE CaLLECTION OF SPECIAL ASSESSiT3 FOR THE I~'ROYEM$NT OF 1$TIN DIVE FRO~# SORTER ROAD TO ITS SOUTHERLY EATD, BY CONSTRUCTING THEREIN A WATER ~:A,I~. Whereas, the Council of the City of North Olmsted has heretofore, by proper legislations determined that the improvement of Martin 1~rive from Porter Load to its southerly end, by constructing therein a water main, is necessary for the immediate preservation of the public health, peac®, safety and welfare, and Whereas, this Council contemplates the use of 50,700.00 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 NO~t.TH QLMSTED: STATE OF OHIO. Section 1. That it is hereby declared necessary to issue bonds of the City o ~ orb Olmsted in the principal sum of ~50,?'E~C3.00 for the purpose of raising mosey in anticipation of the collection of special assessments for the is~provement of Martin Drive from Porter Road to its southerly end, by constructing therein a water main. . Section 2, That said bonds shall be of the denoasi.nation of 1000.00 each except that bond No. 1 shall be of the denotation of 1,700.00, shad be dated .Jul 1, 1956, and shall bear interest at the rate of not to exceed four (!~~ per cent per annum, parable 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. Se ie T-l~t for- the purpose of raising money in antcipa- tion of the l.espeeial assessments and in antici}aatian of this issuance of bonds in anticipation of the collection of spabial assessments for the ia~provesent of the above named street by constructingthen a water main in accordance with the legislation heretofore passed: by the City Council with respect thereto to pay the property a~rrnerst share of the cost and, expense of said respective improvem®nt, 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 X50,700.00, which shall be placed to the credit of the Martin Drive Water Improvement Fund in the amount of $50,700.00. 3ection„1~ That such anticipatory note or notes in the amount aforesaid s ~a . die issued bearing interest at a rat® not exceeding four per cent (~.~) per annum payable at the maturity of said note or notes; said note or-notes shah be Sated as of the duff said note or notes are sold, and shall mature on or before one 3~ ar after date;- such n©te or notes shall be executed and delivered in suit manner and such dencssina- tions~as may be requested by the purchaser of said note or notes. 3ecti, Said note or notes shall be executed by the Mayor and the City Auditor; shall bear the seal of the corporation; th,®y 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. I