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OR1)Ii~Ai~CE NO. 1033 .3Y: ~~iZ. HAr:I~TOi~m U1tU.~~v;~NCE TU PROVIDE rOl~t THE ISSUING OF ~~OTES I~~ AN`l'ICIPATIOIu OF THE LEVY Or' SPECIAL ti,OESS~'~NTS AiVL7 T'J A~~TICI- PA`i~ION Or THE ISSUITvG OF BOi~US Iii ANTTCIPATI01v` Or' THE: CULLEC`fl0i~ OF SPECIAL ASSESS~~~~NTS l~OR THE Ii~IPROVE- ~IEvT Or' LUCYliALE AVEFJUE r'ROT~'1 ldOftTlEhLY LIVE O~~` aUbLOT NO, t,.0 `~'E3 KEui~rE1:~Y ~SLU-:E, t~Y GttAD1I`3G ANb SLAGG1ii~G SAMME . 4uhereas, the Council of the City of North Olmsted has hereto- fore, by proper legislation, declared the necessity of improving Lueydale Avenue from northerly line of Sublot No. l~.0 to Kennedy hidge, by grading and slagging same. ~'~hereas, this Cou the purpose of paying the paid by assessments; now, s~ I`1' O1tiUri;iiv~;U ~lT Heil contemplates the use of X3,500.00 for portion of said improvement, which is 'to be therefore, i' Cutlivoil:, O.~i irl,C; t,I'lY Ur 1'JUt1H iJLi~'l5i'Li~, Section 1. 'ihat it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of 31500.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Lueydale Avenue from northerly line of Sublot ~o. 40 to Kennedy Ridge, by grading and slag zing same. Section 2. That said bonds shall be of the denomination of ~r'700.0v each and shall be dated April 1, 1954, and shall bear interest at the rate of not to exceed four (4) per cent per annum, payable semi-ai~inually on the first days of April and October of each year until the principal sum is ;aid and shall mature in five annual installments after their issuance. Section 3. `.l'}tat .for the purpose of raising money in anticipa- tion of the levy of special assessments and in anticipation of the is- suance of bonds in anticipation of the above named street by grading and sla~;~ing same in accordance :~~ith .the legislation heretofore passed by the City Council with respect thereto to pay the property ownersT snare or the cost and expense of said respective impravement, it is hereby declared necessary to issue and there shall be issued, note or notes of the City of worth Olxnsted in the sum of ~3, 500 .O'J , which shall be placed to the credit of the Lueydale Avenue Street 1::nprovemerit r'und_ in the amount of ~h>3 , ~O .00 . erection ~.. ~fhat such anticipatory note or notes in the mount aforesaid shall be issued bearing interest at tine rate of two and three- quarter per cent (2-3/1,."/0) per annum, payable at maturity and vaith Interest after maturity or during any extension o_' the original maturity thereof on all or any part or said note or notes which remain unpaid at four per cent (Lrjo) per anilul~n until paid; said note or notes shall be dated as of the date said note or notes are sold, and shall mature on March 31st, 1954; such note or notes shall be executea and deliver- ed in such rrianner and such denominations as na.y be rea1uested icy the purchaser of said note or notes. :section 5. Said no and the City Auditor; shall be payable at the office of Olmsted ofs'ice, in the City upon their face the purpose are issued pursuant to this to or notes shall be executed by the ~~ayor bear the seal of the corporation, they shall the national City Sank of Cleveland, ~3orth of ~rortrl 01.nste~a, Ohio; they shall express for which they are issued and that then Ordinance.