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~DINANCE N0. / !G BY: ~ ,/{,~~~°L~L~'~. ~i.DINANCE TO PROVIDE FCR THE ]~SUSNG OF NOTES IlV ANTICIPATION _OF THE LEVY OF SPEC?dL ASSffi`I' .AND IN ANTICIPATION LlE' THE. ISSUING (xE" BQNDS IN AAITICIpATIt~d QF THE CCLI~TION CF SPPiCIAL ASS&~3SN1~E~1'fS FCI,ft THE IAk'ROViT ClF' E~IHtJRST ROAD FRQMi LORAIl1i ROAD TO WHITEH~.VEN AVENUE, BY GCIJ- STRUCTING THEREIN A WATl~ MAIN WHEREAS, the Council of the City of North Olmsted has heretofore, by proper legislation, declared the necessity of improving Elmhurst Road. frown Lorain Road to Whitehaven Avenue, by constructing therein a water main. WHEREAS, this Council contemplates the use of X11,000.00 for tine purpose of paying the portion of said improvement, which i.s to be paid by assessments; now, therefore, BE IT ORDAIty'ED BY T~~ COUNCIL ~' THE CITY OF NORTH OLMSTF~, STATE OF OHIO: Section That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X11,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Elmhurst Road from Lorain Road to Whitehaven Avenus by constructing therein a water main. 5ect_____r_ion, 2. That said bonds shall be of the denomination of X1,000.00 each and shall be dated October 1, 1954, 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. Sectioa~ . That for the purpose of raising money in anticipation of the levy of special assessments and isi anticipation of the issuance of bands in anti.ci pat ion of the collection of special assessments for the improvement of the above named street by constructing therein a water main in accordance with the legis- lation heretofore passed by the City Council with respect thereto to pay the property ownerst 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 X1].,000.00, which shall be placed to the credit of the Elmhurst Road Water Improvement Fund in the amount of X11,000.00. Section 4. That such anticipatory note or notes in the amount aforesaid shall. be issued bearing interest at a rate not exceeding three and one-l~a1f per cent (3} 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 shalt mature on September 30, 1954; such note or notes shall be executed and delivered in such mariner and such denominations as may be requested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by the rlayor and the City Auditor; shall bear the seal of the corporation, they sha]1 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. Section 6. All assessments collected for the improvement aforesaid and unexpended balance remaining in the fund after the cost and expense of said note or notes and the interest thereon until both are fully provided for. Section 7. Said note or notes shall first be offered to the Treasurer of the City and so many of the same as shall not be taken by said City Treasurer