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. "~ ORDINANCE NO. ~ ~(~~~'~ By, ~~"~/ ORDINANCE TO PROVIDE FOR THE ISSUING of NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BOARS I~1 ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IA~PROVEMEAIT OF BAILEY ROAD FROM LOR.AIN BOAT) TO SOUTHERLY ENT) , BY CONSTRUCTING THEREIN A WATER NIA IN ~~~ V~hereas, the Council of the City of North Olmsted has hereto- fore, by proper legislation, declared the necessity of improving Bailey road from Lorain Road to southerly end, by constructing therein a water main. Whereas, this Council contemplates the use of X10,600.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, STATE OF OHIO: Section 1. That it is hereby declared necessar to issue bonds of the~ity of~Torth Olmsted in the principal sum of 1Q:60f~.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Bailey Road from Lorain Road tt3 southerly end by constructing therein a water main. Section 2. That said bonds shall be of the denomination of 1,@00.00 each, except bond No. 1 shall be X1,600.00, and shall be dated October 1 1953, and shall bear interest at the rate of not to exceed four ~4) per cent per annum, payable semi-annually on the first daps of April and October of each year until the principal sum is paid, and shall mature in ten annual installments after their is- suance. Section 3. That 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 collection of special assess- ments for the improvement of the above naffied 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 ownerst share of the cost and expense of said respective improvement, it is hereby declared necessary to issue and there steal]. be issued, note or notes of the City of North Olmsted in the sum of X10,600.00, which shall be placed to the credit of the Bailey Road Water Improve- ment Fund in tie am©unt of X10,600.00. Section 4, That such anticipatory note or notes in the amount aforesaid shall be issued bearin interest at a rate not escetding three and one-half per cent (3-1~2~) per annum, payable at the ma- turity of said note or notes; said note or notes shall be dated as of the date said Rote or notes are sold, and shall mature on September -~, 30th, 1953; such note or notes shall be executed and delivered in such manner and such denominations as may be requested by the pur- chas+~r of said note or notes. Section Said note or notes shall be executed by the A'iayor and the pity uditor; shall bear the seal of the corporation• they shall be payable at the office of the National City Bank of ~levelanci, North Olmsted office, in the City of North Olmsted, Ohio; they shall express upon their face the p~,rpose for which they are issued and that they are issued pursuant to this Ordinance. h.~.~, -..-~ ._