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Oti.DI~vAT~CE T10. 1019 BY: 14TR. HATTOId ORLIivtl,vCr; TO YROVILE r'OR i'nr; 1SSUITvG 0:~' TuOTEa . IId AT~TICTPATTOTd OF `I'H:~ LEVY OF SpECAL A~,~EaS~~~TETu'"i'S rLuli ITJ AIvTICIPA`i'lOTV O:r, `.CHE ISSUING Or' BOTdt1S TN AT~TICIP~13'IOT'3 Or' `i~HE COLLECri'IOTd OF S~EClAL ASSESS~T~T~TS r'OR `THE IIvjPROVE1~~i:~Tu ~l' OIL' STEARIv S rtOATJ ~'RO~I ET~L OF lkTS`I'I1VG `~;AIT~ TO SOUTHERLY CITY LIVE, ~Y COT~Sr.CRUCTITyG `i'riERFIT~ A d~~ATER ~IAIT~f . Whereas, the Council of the City of TJorth Olmsted has hereto- ~~~` fore b ro er le y p p gislation, declared the necessity of improving Stearns Road from end of existing main to southerly City line, by constructing therein a water main. Whereas, this Council contemplates the use of ~32,000.OO~for the purpose of paying the portion of said improvement, which is to be paid by assessments; now, therefore, I3E IT ORllAITdED BY ~1,HE COLUCIL OF THE CITY OF T~ORTri OL[~`TSTEli STtiTE Or .OHIO: Section 1. rl'hat it is hereby declared necessary. to issue bonds of the City of T~orth Olmsted in the principal surn of X32,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Stearns Road from end of existing main to southerly City line by constructing therein a water main. Section 2. That said bonds shall be of the denomination of X1,000.00 each; shall be dated October 1, 195, and shall bear interest at tie rate of not to exceed four (~, 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 3. That for the purpose of raising money in anticipa- tion of the levy of special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assess- ments for the improvement of the above named street 'oy constructing therein a water main in accordance with the legislation heretofore passed by the City Council with respect thereto to pay the property ownerst share of the cost and expense of said respective mproverr~ent, it is hereby declared necessary to issue and there shall be issued note or notes of the City of North Olmsted in the sum of X32,000.00, which shall be placed to the credit of the atearns Load yo. 2 Water Improvement Fund in the amount of kr32,000.00. Section 4. That such anticipatory note or notes in the amount aforesaid shal'1 be issued bearing interest at a rate not exceeding four per cent (4i'a) 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 kpril 1, 1954; such note or notes shall be executed and delivered in such manner and such denomina- tions as may be requested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by the ~Tayor and the City Auditor; shall bear the seal of the corporation; they shall be payable at the office of the national City rank of Cleveland, T~orth Olmsted office, in the City of worth Olmsted, Uhio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance.