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r ORDINANCE Na. ~ ~-;~ ~-~A ~~ BY t '~' u~~-~G G ~f ORDIN9NCE TO PRAVTDE FOR. TIC Z5~-UING OF NOTES SN ANTSCSPATION OF THE LEVY OF "uP~7AL 9SSF~3SMEe3T AND Il~J ANTICIPATION OF THE. SSSUSNG C'E' BOND6 Set ANTIGSPATSON CE' THE GtLLECTSQN C~' SPECK 1~Sffi~TS FC~t THE SMPROVEMEet`!` CE' ESTHE~t AV~+~1UE FR:(M EetD OF E3CIETSNG WATER MAIN TO EASTERLY CITY LINE, BY CONSTRUCTING THERF- IN A WATER MASH WHEREAS, the Council of the City of North Olmsted has heretofore, by proper legislation, declared the necessity of impxoving Esther Avenue from end of existing water main to Easterly City Line, by constructing therein a water main. WI~AS, this Council contemplates the use of X4,900.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments; now, therefore, BE ST ORT?AINID BY THE COUNCIL ~ THE CITY CIE' NO~PH OLMSTED, STATE C(E' OHIO: Section 1. That it i.s hereby declared necessary to issue bonds of the City of Noxth.Olmsted in the principal sum of X4,900.00 for the purpose of raising money in anticipation of the collection of special. assessments for the improvement of Esther Avenue Pram end of existing water main to Easterly City Line by con- structing therein a water main. Section 2. That said bonds steal]. be of the denomination of X500.00 each, except bond No. l.shall be in the denomination of X400.00, and shall be dated October 1, 1954, and shall- bear interest at the rate of not to exceed four per cent (4~~ per annum, payable semi-annually on the first days of April. and October of each year until the principal sum is paid, and sha17, mature in ten annual in- stallments after their issuance. Section That for the purpose of raising money in anticipation of the levy of special.. assessments and in anticipation of the issuance of bonds in antici 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 owners share of the cost and expense of said respective improvement, it i.,s hereby declared necessary to issue and there szzall be issued, note or notes of the City of North Olmsted in the sum of X4,900.00, which shall be placed to the credit of the Esther Avenue Water Improvement Fund in the amount of X4,900.00. Seeti,on 4. Tliat such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at a rate not exceeding three and one-half (~} per cent per annum, pay aide 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 mature on September 30, 1954; such note or notes shall be executed and delivered in suc1 manner and such denominations as may be requested. by the purchaser of said note or notes. Section Said note or notes shall be executed by the rlayor and tine City Auditor; .shall bear the seal of the' corporation, they shall be payable at tine office of the Nati.anal City Bank of Cleveland, North Olmsted. Office, in the City of North Olmsted, Ohio; they s:na11. express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance. Section 6. A11 assessments collected for the improvement aforesaid. and unexpended balance remaining in the fund after the cost and expense of said note