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CITY OF NORPH OLA~STED ORDINANCE NO. 64-- ~"1 BY ~~lifl`~. ~~.k-~-~.-. AN 4AAIltANCE Attf~ORZZING T~ I.~IiANCE BF A NdTB Ilt A~ITTCIpA- TT4'1N QF THE IS~t&INCN OF AND QF' ', IEVY ANH ~~3tiM1~G'rICNi OF 3P&?A~ AS~$SS1~.5 ZK1 PAY Tl~ PPffilf' Y OWE' PO~C~t AND TBE Cl'!Y''S PORTIt~+i' 4F '!"S8 COF1T t3F tTSR~UC9.'I~ Cffi~!'AIN STD~iiA AND APYtNiTI~AIIT FACILITY IN SAID CITY, Alto I?l~- CIARIlt~i AN NifCy. S, Council bas by due prpceedings made pravi~3.on for the sidewalk construction hereinafter described and for the levy ot" aeses+~ments to pay the cost thereof, such construction to be Yit3aaced by the isstce of bands and of notes in anticipation thereof; and WF~R R` S, the fiscal officer of the City has certified the maximum maturity of suc+,h bontds to be five years, and of such notes to be five years if sold publicly or one year if sold at private sale; NtIW, TH$llR1~RN, BB I'P ORDAINSD by the Cotmoil of the City of North Olmsted, State of Ohio: Section l: That it is deemed necessary to issue bonds of the City of North Olmsted is the principal sum of ~67,10o in anticipation of the levy and collection of spacial assessments to pay the property owners' portion and the City's portion of the cost of coasf~~ecting sidewalks and appurtenant facilities, such sidewalks being clascribed and provided for in Resolution No. 64-122, as amead~ed by Resolution No. 6j+-151, except whsre constructed by the property ows~rs. Said bonds shall bear interest at tl~ est~.nated rate of three and one-half par centum (3-1~2~',) per annum, and shall mature in five annual installments. Of said amount the City's portion is ~9,8~~+ and the property owners' portion is $87,256. Section 2t 'T'hat it is necessary that a note shall be issued in anticipation of the issuance of said bonds. Section 3: That such note in the amount of $67,1c~o shall be issued bearing interest at the rate. of two and ten-hu~odredtbs per ceatum (2.10,) par aimum, payable at maturity of said note and quarter-aan~l3,y after maturity, shall be dated as of the date of issuance, and shall nve.-ture on or before one year after date. Section ~+: Said note shall be executed by the Mayor and Director of Finance, sha11 bear the seal of the mRaaiaipal corporation, shall be pay- able at The National City Bank of Cleveland, North 07.mstad Branch, North Olmsted, Ohio, and shall express upon its fa~:~the purpose for which it is issued and that it is issued pursuant to the provisions of this ordinance. Section 5: Said note shall first be offered to the Di~ctor of Finance of the City, having charge of the Bond Retirement Fund of the City, and if reacted by him, than said note shalt be and it is hereby awardied to The National City Hank of Cleveland at its par value. The proceeds thereof, other than the amount necessary to pay interest upcan such .ante which amount shall be transferred to the Bond Retirement Fund, sbw31 last paid into the proper fund and used only for the purpose aforesaid.