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CffiDINANCE N0. "~ ~% ~~'~( "~ 4 BY: P 6~l Z ~"~ •.Z,._ ORDIlJANCE TO PROVIDE FOR T%iE ?SSUINt~ OP' NOTES IN ANTICIPATION C~' TBE LEVY: t&' SPEC 79,L ASSE~M'~iT ..AND TN ANTICIPATION OF T i-TE ISSUIlITG (~F BCdJDS TN ANTTGTPATI(~ OF THE CC~S+~CTIt21T C~' SPEC?.AL ASS,ffiSA~TTS FOR TrIE Il~ROVE~IT OF BARYON ROAD FRtM LOSAIN ROAD TO A POINT 1400. FEYT NCff~TH~ZY~ BY CON- STRUCTING THEREIN A WATER MAIN WI +` S, the Council of the City of North 0].msted has heretofore, by proper legislation, declared the necessity of i,mprovang Barton Road from Lorain Road to a point 1400 feet Northerly, by constructing therein a water main. WHEREAS, this Council contemplates the use of X19,500.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments; now, therefore, BE IT QRDAINED BY TIIE CQTNCIL OF ^lI~ CII'Y OF' NORTH OLMCTED, STATE OF O~iIO: Section 1. That it is hereby declared necessary to issue bonds of the City of North .Olmsted in the principal sum of X19, 500.00 for the purpose of raising money in anticipation of the collection of special assessments for t_ne improvement of Barton Road from Lorain Road to a point 1400 feet Northerly, by constructing therein a water main. Section 2. That said bonds shall be of the each, except . bond.. No. 1 shall be in the denomination dated October 1, 1954, anal shall. bear interest at the per cent (4,~} per annum, payable semi-annually an the October of each year until the principal sum is paid, annual installments after their issuance. denomination of ~$~., 000.00 ~f X500.00, and shall be rate of not to exceed four first days of April. and and shall mature in ten Section 3. Treat fox the purpose of raising money in anticipation. of the levy of special-assessments and iri anticipation of the issuance of bonds izz antici pat ion of the collection of special assessments for the improvement of the above named street by constructing therein a watex 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 is hereby declared necessary to issue and there shall be issued, note or notes of the City of North Olmsted ixi the sum of ~19,500.00,which shall be placed to the credit of the Barton Road Water Improvement Fund in the amount of X19,500.00 Section ~,. That such anticipatory note or notes ~n the amount aforesaid srza,ll be issued -bearing interest at a rate not exceeding three and one-ha~1f 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 shall mature on September 30, 1954; such note or notes shall be executed and delivered in suc~z manner and such denominations as may be requested by the purchaser of said note or notes. Sectiarz 5. Said note or notes shall be executed by the Mayor and the City Auditor;.sha11 bear the seal of the corporation, they shall be payable at tine office of the National Gity Bank of Cleveland, North Olmsted Office, in the City of iJorth Olmsted, Ohio; they shall express upon their face the gurpose for which they are issued and that they are issued pursuant to this Ordinance. Section o. A11 assessments collected, fox the improvement aforesaid and unexpended balance-remaining in the fund after the cast and expense of said note or notes and the interest thereon until. both are fu]ly provided for. Section Said note or notes shall first be offered to the Treasurer of the City-and-so marry of the same as shall not be taken by said City Treasurer