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BY.
<br />Mr.
<br />AN ORDINt~NCE TD FBE~PIT18 Ff1R THE ISSUING
<br />QF MOTES ITT A~ITICIPATT+~N E~` TAE I$~Y C~'
<br />SPECIAL _A3SF3SMS~TTS A~IO ~ ANTICIPATI0~1
<br />~' THE ISSUING OF BONDS IN ANTICIPATIO~1'
<br />OF THE CCaI~.ECTIODt OF SPECIAL ASSES~ENTS
<br />POR T ~ ~~HT -OF A~tENU$, IT3.
<br />ENTIRE TIi, BY COIQSTRUCTING THEHBI$
<br />A WATER MAID.
<br />Wh®reas, the Oouncil of tie Oitg of ~3orth Olaatsd has hereto-
<br />,~, fore, bg proper legislation., determined that the imprcvement of Coe
<br />Avenue, its entire length, bq constructing therein a water akin, is
<br />necessarg for the immediate preservation of the public health, peace,
<br />safety and welfare, and
<br />Whereas, this Council contemplates the use of x.,200,00 for
<br />the purpose of psy~g the portion of said improvement, which is to be
<br />paid by assessments.
<br />NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF'
<br />NORTH fSTED~ STATE OF ~?HIC}:
<br />Rection 1 That it is hereby declared necessary t® issue bonds
<br />of the Cit~~'rt"~' Olasted in the principal sum of #~., 20fl,40 f®r the
<br />purpose of raising maneg in anticipation of the collecta-ffi of special
<br />assessments for the improvement to Coe Avenue, its entire length, bg
<br />constructing therein a water main.
<br />S~ectioxi.,, 2- That said bonds shall be of the dencs~3.aation of
<br />1,000.00 eat e~ept that bond No. 1 shall be of the denct,aatic,~ pf
<br />1,200,00, shall be dated Jul 1~ 1956, and shall bear isterest at the
<br />rate of not to exceed four ~~~ per cent per annum, pa?able se~.«~asnuallg
<br />on the first dag® of April and October of each gear until the principal
<br />sum is paid, and shall mature in ten annual installments after their
<br />issuanc®,
<br />~actiea That for the purpose of raising mor~eg in anticipatio~a
<br />of the levg- ®f sal assessments and is anticipative ®f the issu~nc®
<br />of bonds is anticipation of the collection of special asssssaent~c fc~r the
<br />~treaent of the above nosed street bg constructing therein a~.water
<br />maim in accordance with the legislation heretofore gassed bg the Citg
<br />Council with reset thereto to peg the property a~rserst share of the
<br />cost and expense of said respective improvement, it is h®rebg declared
<br />necessarg to issue and there shall be issued, note or Hates of the City
<br />of North Olmsted in the sum €~f .,2t~,00, which shall be placed to the
<br />credit of the Coe Avenue Water Improvement i+'ond in the amount of
<br />., 200, 00,
<br />3ectian That such anticipatiog note or notes is the amount
<br />aforesaid s~+a3~'Te ~aued bearing interest at a rate not seed3.ag four
<br />per cent (4~1 per ann~n pagable at the aaturity of said sofa or rotas;
<br />..a. said note c+r notes shah be dated as of the date said nuts or sates are
<br />sold, amd shall mature on or before one gear after date ~. euch sots or
<br />notes shall be executed and delivered in such manner at~d st~eh deaosna-
<br />tions as mag be requested by the purchaser of said note or motes,
<br />3ecti<~ Said note or notes shall be executed bg the 1~6agor
<br />and the City tau t®r; shall bear the seal of the corporatc~a; theg shall
<br />be pagable at the office of the National Citg Bank 0f Cleveland, N'+~rth
<br />Olmsted office, in the Citg of North Olmsted, Ohio; theg shall ®speress
<br />upon their face the purpose for which theg are issued and that theg are
<br />issued pursuant to this Ordinance.
<br />o~~=x~ac~ r~o. ~ a 3~-
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