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ORDINANCE N0. vZ ~ ~ ~'= ~'~ ~!~~'~'~~" AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF TH£~ ICY OF SPECIAL ASSESSMSN'TS AND IAt..ANTICIPATION QF THE..IS~UI~1G OF $ONDS IN ANTICIPATION OF THE C(~I,T,ECTION OF S~'ECIAL ASSE3SME~iTS FOR THE ID~IPRGNT (J~' k~xTER BRAD. FRt~ END OF EXISTING MAIN; &QRTHERLF TQ -~TDRTH CITY I.IATE, BY CONSTRUCTING THEREIN A WATER- MAIN. Whereas, the Council of the City of North Olmsted has heretofore:, by prAper legislation, determined that the improvement of Porter koad from the end of the existing main to the north city line, by cvnstruct- ing therein a water main.,. is necessary for the immediate preservation of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of ~t72,000.00 for the purp®se of payizag the portion of said improvement, which is to be paid. by assessments. N~fJNT, THEREFORE:, BE IT ORDAINED BY THE COUAtCIL OF THE CITY OF NORTH OLMSTED, STATE. OF OHIO« Secti®n 1 That it is hereby declared necessary to issue bonds of the ty of North Olmsted in the principal sum of X72,000.00 f®r the purpose of raising money in anticipation of the collection of special assessments for the i~tprc~vemeMt of Porter Road from the end of the existing ffia.in to the north city line, by constructing therein. a water main. Secti®_ That said bonds shall be of the denomination of 1,00~?~.J~ each, shall be dated April 1, 1956, and shall bear interest. at the rate of not to exceed four (4) per cent per annum, payable Semiannually on the first days of April and October of each year until the principe.l sut~ is paid, and shall mature in ten annual installments after their issuance. Section ~ That for the purpose of raising money in. anticipation of the le~ey-of special assessffients and in anticipatioB of the issuance: of bands in anticipation of the collection of special assessments for the improvement of the above named street by constructing therein a. water main in accordance t+tith the legislation heretofore passed by the City Council with respect thereto to pay the property vwnersT 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 Aorth Olmsted in the sum of 72,000.00, which shall be placed to the credit of the Porter Road t~Tater Improvement Fund No. 2 in the amount of X72,000.00. Sevtivn ~ That such anticipatory note or notes in the amount aforesaishall be issued bearing interest at a rate not exceeding four per cent (~.~), per annum, payable at the maturity of said note of notes;• said-note or notes shall be dated as of the date said note or notes are sold, and shall mature on or before one year aft®r date; such note or notes shall be executed and delivered is such manner and such denominations as may be requested by the purchaser of said note or notes. Sscti©~ Said note or notes shall be executed by the Mayor and t e ~ity Auditor; shall bear the seal of the corporation; they shall be payable at the office of the National City Bank of Cleveland, North Olmsted office, in the City of North Olmsted, 4h.i®;; they shall express upon their face the purpose for which they are issued and that; they are issued pursuant to this 4rdinanee;.