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ORDINANCE N0. <,~ ~ ~ --_ ffi';: Mr. ~ ~~ rz~z~i'tf AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE ICY OF SPT~IAL ASSESNTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE COIS.I~;CTION OF 3PECIAb A3SSSSI~ENTS FOR THE IMPROYEME~iT OF' WSITY AYSNUE FROM E~?HIURST ROAD 3'0 BROIR~J~~RNE ROAM, BY` CONSTRUCTING THEREIN A WATER 1KAIN~ Whereas, the Council of the City of North Olmsted has heretofore, by proper legislation, determined that the improvement of Wellesley Avenge from S]ahurst road to Broxbourne Road, by constructing therein a water main, i8 necessary for the immediate preserTation of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of ~2~,300.00 for tha purpose of paying the portion of said iffiprovement, which is to be paid by assessments. N~ THEREFORE BB IT ORDAINED BI THE COUNCII. OF THE CITY OF NORTH OI~STED, STAGE OF f~HIO Secs ~,. That it is hereby declared necessary to issue bonds of the City o~North Olmsted in the principal east of $29,300.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Wellesley Avenue frc~ Elmhurst Road to Broxbourne Road, by constructing therein a water main. Section 2 That said bonds shall be of the denostination of ~1,00~ aaT, except Bond No. 1 which shall be of the denc~3.nation of #1,3©0..00, shall be dated April 1, 1955, and shall bear interest at the rate of not to exceed four (~.) per cent get annum, payable sear annually on the first days of April and October of each year until the principal sum is paid, and shall astute in ten annual installaents after their issuance. Section 3. That for the purpose of raising coney in anticipation of th~ o special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments 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 orrmerst share of the cost and es~ense 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 ~29,3o0.0O, which shall be p~.aced to the cr111siit of the Wellesley Avenue Water Improvement Fend in the amount of ~29~300.00. ~e tios That such anticipatory note or notes in the aasount aforesaid sha be issued bearing interest at a rate not exceeding four per cent (4.9~) per annum, payable at the maturity of said note or notes; said note or notes shall be dated as of the date said note or notes are sold, and shall stature on April 1, 1956;: 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 note or notes. Sec ion,,, Said note or notes shall be executed by the Mayor and the pity Auditorx shall bear the seal of the corporation; they shall be payable at the office of the National City Bank of Cleveland, 15t'prth 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.