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~% OiiDINAN(N: No. 65~-- 5 ~ AN ORDINANCE 20 P1i0YIIL- FOR Tl~ I8L~t111NGZ Off' Ill /t1rJ.'ICIYA- TION OF TEL IiVY 0~ 8PZCIAL Amp' /UiD Ill AlR'IQP~II~{E~ tlE' TEL I SSilA NCE OlP BBB TO PAY '1~i K ~ POICFi ~ Cl~' '~ COBT OF CONE3'!'EtUCgI~G SAl1I'l'ARY 8~ Allll AP' Ili AAiA 3 OF TEL CITY, AEtD IIECLARIIM All i1CY. SAS, the Council of the C1ty of North Olrsted has heretofore by prvp+sr legislation declared the necessity of raking the i~sprovement described in Section 1 hereof; and tifELREAS, Council has found and deterrined that the property owners' portion oP the total estirated cost of said irproverent will not be less thaa ~1,068,OOt3; NOW, 'I~FOI~, BE IT OR>,aAII® by the Council of the City of North Olrstad, Ohio: 3ectivn 1. That it is hereby declared, necessary to issw bonds of the City of North Olmsted in the principal sum of #1,068,000 fortbe purpose of paying., in anticipwtion of the collection of special assessrents, the property owners' poetioa of the cost oP constructing sanitary sewers and appurtenances in lie-stick E~tas-d sand +Qet'taia other streets and ®-sements in Area 3 of the City bet~n the termini and in the raamtr provided in Resolution No. b~1-25~, adopted October 20, 19Fi4. Section 2. That said bonds shall be fisted approxirately March 1, 1966, shall bear interest at the estimated rate of three and one-half per cantor E3-i/2~) per swenur, payable'semi-annually, until the principal sur is paid, and shay, rature in t~+osnty substantially equal annual l,atialLsents after t1~ii' issuance. Section 3. That for the purpose of raising ropey in antici~ioa of the levy and collection of special assessrents and of the iMranee of the ateetiteaid bar' for the above described irproverent, it is hereby declared neaessary.ta ski there shall be issued notes of said City in the principal aaount of ¢1,4000. Section !+. That such anticipatory notes in the arount aforesaid shall bestir interest at sur.h rate, but mt exceeding 3-1~2~ per aanur, as shall be specified la the award thtseof ty the Director of Finance at private sale, such interest to be payable at tasturity an:: until paid. Such notes shall be Sated as of the date of their issuance and shall matu:.•e orle year after said date. Such notes shall be executed in such nvsber and such denominations as may be requested by the purchaser thereof. gectian 5 uch notes shall be execu~.ed by the Mayor a Detor olitrnce and bear the sf~al o~ the corporation. They shalll be payable at t o re of National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Sectiar G. A?1 assess~aents collected for the improvement aforesaid, and any ur,expecYded balan~~e remaining in the impro~•ement fund after the costs and expenses of said improvement. Nave Leen paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7. 3~.ib,ject to tars refection of said notes by the officer in charge of the boc,d retirecr~nt fund, said notes shall be sold at private sale by the tirector of Finance at not less than the par value thereof; and the Director of Finance is hereby