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ORDINANCE NO. 96~ C 0 BY : i~7'l/L ~~-„~.~,,,a;~„ ORD I~AT~ CE TO PROVE FOR THE IS SU II~G OF' .NOTES TN AIVTICIPATIt?N OF `PHE :IVY OF SPECIAL ASS$SSMENTS AND IN ANTICTPATIOId OF THE.. ISSUING OF FUNDS IIV ANTICIPATION OF THE COLLECTI@~d OF SPECIAL ASSESO~NTS FOR °3~iE I~±IP~.OVEIT OF WALTER ROAD FROI~i GESSNER ROAD TO FLORENCE AVENUE, BY CONSTRUCTING THEREIN' A WADER 2AIN. WF~ER.EAS, the Council of the City of North Olmsted has hereto- fore, by proper legislation, declared the necessity of i.~proving Walter Road from;, Carer Road to Florence Avenue, by constructing therein a rr~ter~ r~a~n. WHEREAS, this Council contemplates the use of 11000.00 far the purpose of paying the p©rtion of said improvement, whzeh is to be paid by assessments; now, therefore, BE IT ORDAINE~3 BY THE COUNCIL OF THE CITY OF NO~tTH OUS'T'ED , sTATE ©F OHZO S cti n 1„a That it is hereby declared necessary to issue bonds of the Cit~~orth Olmeted in the principal sum of X11,000.40 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Walter Road from Lessner Road to Florence Avenue. by constructing therein a water main. Sect~o~,n 2. ghat said bonds shall be of the denomination of ~1,1O0,0(~each, shall be dated dune 1, 1953, and shall bear interest at the rate of not to exceed four ~ 1~.) 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 ins stallments 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 assessments 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 pey the property mwnerst 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 OLnsted in the sum of X11,000.00 , which shall be placed to the credit of the Walter Road No. 3 i~a~~ 7cmprove- went Fund in the amount of X11,000.00. Section 4, That such anticipatory note or notes in the amount aforesaid shall be issued bearin 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; std note or-notes shall be dated June 1, 1952, and shall mature on I~Iay 31, 1953; such note or notes shall be executed and delivered in such manner and such denominations as may be re- quested by the purchaser of said note or notes. Section ~,,, Said note or notes shall be executed by the Mayor and the `~t~u:ditor; shall bear the seal of the corpporation; they shall be payable at the office of the Natiom~ti City Bank of Clevel+~nd, North Olmsted office, in the City Qf 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. ~~ ~.w