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Ohl)I3AI~tCE IdO. l o -~ ~ HY: ,~rj~li ~~~~~'-.`~~.~ OR7Ii~'11+iCE TO PROVIDE FuR THE ISSUIi~tG OF NOTES TN ANTICTPATIOI~ -0:~' THE LEVY OF SPECIAL ASSESSI~IEidTS AiVD II~1 Av'i'ICIPATIO'r OF THE.. TSSUliVG Or' BOI~iDS III AN`I'ICIPATIOPa OF ~i'HE COLLECTION OF SPECIAL ASSESSI~+IEvTS FOR THE IIvIPROVE~iEiVT -OF GESSNER ROAD FI-IOi~I CULUT~I~3IA hOAL' TO ~dALTER ROAD , DY COI~STRUCTTNG THEREIN A ~~iATER M113N. '~hereas, the Council of the City of North Olmsted has hereto- fore, by proper le i~lation~ declared the necessity of improving Gessner Road from ~olumbia Road to i~alter Road, by constructing therein a water main. Whereas, this Council contemplates the use of 1$,000.00 for the purpose of paying the portion of said improvement, which. is to be paid by assessments; now, therefore, BE IT ORDAIN:~D i3Y THE COUNCIL OF T~-IE CITY OF NORTH OL'i~ISTEU , STATE OF OHIO: Section 1. That it is hereby declared necessary to issue bonds of the (ity of iuorth Olmsted in the principal sum of 1$,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Gessner Road from Columbia Road to `~ialter Road 'by constructing therein a water main. Section 2. `i"hat said bonds shall be of the denomination of X1,000.00 each and shall be dated April 1, 195t~, and shall bear interest at the rate of not to exceed four (J~) 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. Section ~ That for the purpose of raising money in anticipa- tion of tie elvy of special assessments and in anticipation of the is- suance of bonds in anticipation of the collection of special assess- ments for the improvement of the above named street by constructing therein a water main in accordance with the legislation heretofore passed by the City Council with respect thereto to pay the property owner's 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 tVorth Olmsted in the sum of X1$,000.00, which shall be placed to the credit of the Gessner Road avater Improve- ment Fund in the amount of ~~l$,000.00. Section ~.. That such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at the rate of two and one- quarter per cent (2-1/4%) per annum, payable at maturity and with interest after maturity or during any extension of the original maturity thereof on all or any part of said note or notes which remains unpaid at the rate of four per cent (L~.%) per annum until paid; said note or notes shall be dated as of the date said note or notes are sold, and shall mature on i4'Iarch 31st, 1954; such note or notes shall be executed and delivered in such manner 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 ivlayor and the City Auditor; shall bear the seal of the corporation; they shall be ppayable at the office of the national City rank of Cleveland North Ul.msted office, in the City of i'3orth Olmsted, Ohio; they shad express upon their face the purpose for wh~:ch they are issued and that they are issued pursuant to this Ordinance.