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~, ORDINANCE NO. 969 BY : ~ ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIFATION OF THE LEVY OF SPECIAL ASSESai~NTS ANTJ IN AIdTICIPA- TION OF .THE ISSUING OF BOi~DS IN I~NTICIPA- TION OF THE COLLECTION Op SPECIAL ASSESS- I~iENTS FOR. THE IMPROVEMENT 0~' BAftTON ROAD FROM LORAIN ROAD ~ THE SOUTHERLY LINE OF TONY BASILE LAND ( 234-1?-5~ , BY CONSTRUCT- ING THEREIN A MATER I~AAIN. WHEREAS, the C©until of the City of North Olmsted has hereto- foue, by propc~~?„~~Iation, declared the necessity of improving. Barton Road from Lorain Road to the southerly line of Tony Basile Land (234-1?-5), by constructing therein a water main. WHEREAS, this Council contemplates the use of X31,$00.00 for the purpose of paying the portian of said improvement, which is to be paid by assessments; now, therefore, BE IT ORDAINED BY THE ODUNCIL OF THE CITY OF NORTH OLtMSTED , STkTE OF OHIO: Section 1 That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X31,£300.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Barton Road from Lorain Road to the southerly line of Tony Basile land (234-17-5) by constructing therein a water main. Section 2. That said bonds shall be of the denomination of X3,1$0.00 each, shall be dated June 1, 1953, and shall bear interest at the rate of not to exceed four (47 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 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 owners' 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 north Olmsted in the sum of X31,$00.00, which shall be placed to the credit of the Barton Road dater Improvement Fund in the amount of X31,800.00. Section 4. That such anticipatory note or notes in the amount aforesaid shall'be issued bearing interest at a rate not exceeding three and one-half per cent (3-1/2~) per annum, payable at the maturity of said .note or notes; said note or notes shall be dated June 1, 1952, and shall mature on i~tay 31, 1953; 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 ". Said note or notes shall be executed by the Mayor and the t%ity Auditor; shall bear the seal of the corporation; they shall be payable at the office of the National City Bank of Cleveland,, North Olmsted office in the City of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that-:. they are issued pursuant to this Ordinance. .~