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OR,NTi~lAItCE I'~O , 1015 BY : rte, . zEw~s l~i~ Oi~D rnTANCE ~RO~r1D zI~G FOR T ISSUANCE OF NOTE OR NOTES BY T:~ CSrY OF 1V'ORTH CIt,Iv1STID, OHIO IId ANTICIPATION OF THE COLLECT IOiV OF CURRENT REVENUES IN AND FOR T iiE FISC~ YEAR 1953 ~dHEREAS, the City of North Olmsted is without funds to meet current expenses and carry on its usual. municipal operations until a settlement is had. from tax collections payable during the last half of 1953. NOW, Tim + {ORE, BE IT ORDAIt1ID BY TIC COUIv'C7I, OF THE CITY OF idOI~.'':i OLr1STED, STATE OF OilIO: Section 1, Tn.at it is deemed necessary to borrow money in anticipation of the collection of current revenues in and for tine fiscal year 1953 for the purpose of providing funds .for paying current expenses and carrying on the usual municipal operations of the City, and it is further deemed necessary to issue and se11 a note or notes irz anticipation of the collection of said current revenues. Section 2. That such anticipatory note or notes in an aggreate sun not exceeding ti~15,000.00, which sun does not exceed one-half of the amount estimated to be received from t~ze next ensuing settlement of taxes for said fiscal year as estimated by the Budget Commission of Cuyahoga County, other then taxes to be received for the payment of debt charges, and all advances, shall be issued and sold bearing interest at the rate of two per centun per annum a.f paid at maturity. Tf not paid at maturity the rate sha11 be four per centum per an_nur.~ for the term of the loan beyond maturity. Suciz note or notes sizall be dated as of the date the said note or notes are sold and sha11 be consecutively numbexed. Such note or notes sha11 be executed and delivered at such time or tunes in such number and in suc'z manner as may be agreed, upon by the Purchaser and. the City. Such note or notes may be redeemed b'y the City of North Olmsted ~.rnen funds are ;~..,;: available for said purpose from the tax collections of the City, but suc~i no°te or notes saaLZ mature not later than six montizs from the date thereof. Section 3. Such note or notes sha11 be executed by the I-Mayor and Auditor and bear the seal of the municipal corporation; s1zall be designe.~ted "~1o-~e in Anticipation of Collection of Current Revenues" and. shall be payable at ~E'he National City Bank of Cleveland, iiort_~ Olmsted Office; they shall express upan