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ORDINANCE NO. o2,a. o BY: Mr. AN' ORDINANCE TO PROVIDE FOR THE ISSIIING 0~ Ncs IN ,ANTICIPATaoN t' THE ~ 0~' 3PIAL AS3E NT3 AND. IN ,ANTICIPATION (~' TBE ISSUING OF BONDS Iit ANTICIPATION QF T CE~ECTIt aF SPECIAL. A3SESS~NTS THB IN~~' T QF L~TSINO ~ IT3 TTI~tE I~BNCTH WITHIN THE CITY OF NC~TH t3~MSTND, BY CONSTRUCTING THIN A WAS MAIN. Wh®raas, the Council of the City of North Ql~stad has here- tofore, by proper legislation, determined that the improvema~t of 7~ansing Drive its entire length, within the City of North O]a~sted~ '' by constructing therein a water main, is n®aessary for the i~~date preservation of the public health „ peace, safety anti welfare, and Whereas, this Council contemplates the use of I~0,500.00 for the purpose of paging the portion of said improvements which is to be paid by assessments. I~Oi~', THEREFf~E, BE IT ORDAINED BY THE COUNCIi. OF THE CITY OF NORTH OLMSTED, STATE OF OFIO: Sec fon That it is hereby declared necessary to issue bonds of the ity a North Olmsted in the principal suffi of A!,SO0.00 for the purpose of raising money in anticipation of the collection of special assessments for the ir~provemant of Zansing Drive its entire 1e~gth, within the City of North Olmsted, by constructing therein a water main. Section 2. That said bands shall be of the denomination of 1,000.00 each, except that bond No. 1 shall be of the denomination of 1,500,00, shall be dated Jul 1, 1956, and shall bear interest at the rate of not to exceed four (~.~ 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. Sectio~ That for the purpose of raising money in anticipa- tion of the day special assessments and in anticipation of the issuance of bonds in anticipation of the collection of spacial 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 ownars~ 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 4A„500.0~, which shall be placed to the credit of the Lansing Drive mater Improv~- ment Fund in the amount of ~©,500.00. Section That such anticipatory note or notes in the amount aforesaid spa. be issued bearing interest at a rate not exceeding four per cent (J~qo) per annum. payable at the maturity of said note or notes; {""~ said note or notes shah be dated as of the date said note or not®s 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 Hate or notes. Section Said. note or notes shall be executed by the Mayor and the City Au tar; shall bear the seal of the corporation; they shall be payable at .the office of the National City Bank of Cl®veland, North Olmsted office, in the .City of North Olmsted, Ohio; they shall ~cpress upon .their face the purpose for which they are issued and that they are issued pursuant to this Ordinance.. ..~ z.