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ry ORDINAYCE N0. 967 BY : j~~/li a~.~aw/ ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES TN ANTICIPATION OF SHE L~TY OF SPECIAL ASSESSI~~ENTS AND IN Ald'TICIPATION OF THE ISSUING OF BONDS IN AN2ICIPATTON OF THE COLLECTION O~ SPECIAL ASSESSI~IENTS FOR THE ~wTPRpVII~1ENT OF ALEXANDER ROAD FROii END OF EXISTING 1~AIN TO EASTERLY CITY LINE, BY CpNSTRUCTING THEREIN A r,TATER STN. WHEREAS, the Council of the City of North Olmsted has hereto- fore, by groper Zegislaton, declared the necessity of improving Alexander Road from end of existing main to easterly City line, by constructing 'therein a water main. WHEREAS, this Council contemplates the use of x'7,$00.00 for the purrpose of paying the portion of said improvement, which is to be paid ~y assessments; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OL~ISTEU SThTE OF OHIO: ' Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X7,$00,00 for the pw~rpose of raising money in anticipation of the collection of .special assessments for the improvement of Alexander Road from end of existing main to easterly City line by constructing therein a water main. Section 2. That said bonds shall be of the denomination of 7$O.pp each, shall be dated June 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 pear 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 i~:provement, it is hereby declared necessary to issue and there shall be issued.,. note or notes of the City of i~torth Olmsted in the sum of ~~7,~300.00, which shall be placed to the credit of the Alexander Road ~+"ater Improvement Fund in the amount of ~' ,£300.00 . 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 day 31, 1953; such note or notes shall be executed and. delivered in such ~Zanner and such denominations as may be requested by the- purchaser of su_id note or notes. Section 5. Said note or notes^shall be executed by the ~~iayor and the City 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 purp©se for which they are issued and that they are issued pursuant to this Ordinance.