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<br />ltVO l l a F l ")li ( 1'1 � i lI1 c,.1'� C )i.poratiun `c':3 ( t� � i l,f� �
<br />Ordinance No. -�e
<br />i1.,i;C lil OI1114J:CC lrC. 111 jl..:,cwl I'CU. =•T
<br />Lk'w •ate•• +r � •
<br />C:1- tt 1A the S %ilve of Aorttz U, t,d, QT, �
<br />An Ordinance
<br />Authorizing the issuance of_notes of the Village.of -North Olmsted, State of
<br />Ohio, in the amount of , $iNM45 '�66 to be paid at or: before. maturity from
<br />the proceeds of the sale of bons to be issued in anticipation of the collec-
<br />tion, of special assessments to be levied in connection with the improvement
<br />of the following street by grading, draining and constructing along and upon
<br />bo s ideyr of s aid , road, be een a e p n, a men ioa , ,
<br />such sidewalk:to.be the width �t,4 feet; Burns Road for its entire length
<br />WHEREAS, the Village cif North Olmsted has heretofore, by legislation,,
<br />duly adopted, provided for the Improvement of the foregoing street by g radio ,
<br />draining and constructing sidewalk on said Burns Road for its entire length
<br />all in strict conformity to the law in such cases made and provided; and,
<br />WHEREAS; the Council has requested the Village Clerk to issue his `certi-
<br />ficate as to the estimated life of the improvement proposed to be constructed
<br />from the proceeds of notes hereinafter referred to, and the Village Clerk has
<br />certified to this Council the estimated life of said improvement to be . /
<br />years, and the maximum maturity of notes to be issued for the temporary
<br />financing of said improvement as two (2) years end.,
<br />WHEREAS, this Council estimates and determined that,the levy of special
<br />assessments for said improvement will be`computed and�ceztified for collection
<br />P P
<br />during the year , and that bonds will be 'issued in anticipation of
<br />.the collection o s c )assessments prior to the date of the maturity of any
<br />of the notes proposed to be issued under the provisions of this ordinance;
<br />NOW, THEREFORE,. Be ' it ordained by the Council ofe",llage of North
<br />Olmsted , State of Ohio, three- fourths of all members elected thereFo,
<br />concurring: -
<br />Section 1, That it is necessary to issue notes of the Village of North
<br />Olmsted ' in order to provide a fund for the temporary 'financing of the fol-
<br />lowing improvement, to wit Burns Road for its entire length
<br />by grading, draining
<br />and_oonstructiva sidewalk between the points named; and
<br />the Mayor and Clerk of the Village be, and they are hereby authorized and
<br />directed to issue notes of the Village of North Olmstedin the aggregate sum e o
<br />of i3re{J66s85) ✓W©
<br />which amount is the estimated cost of said improvement assessable upon the
<br />benefited lots and lands bounding and abutting upon the said street between
<br />the points designated.
<br />Section 2. That the funds authorized to be borrowed in accordance with
<br />the foregoing section of this ordinance shall be borrowed in anticipation of,
<br />and shall be paid from the proceeds of the sale'of bowls; which the Village
<br />hereby undertakes and pledges itself to issue in anticipation of the collec-
<br />tion of special assessments upon the lots and lands specially benefited by
<br />said improvement, and may be borrowed in such amounts as needed to pay the .�
<br />estimate allowed to the contractors as the work progresses, and the cost of
<br />legal advertising and any other charges that may be legally charged against
<br />said improvement, but the total sum so borrowed shall, in no event, exceed
<br />the emount specified in Section l hereof. Notes for the amounts borrowed
<br />shall be issued by the Mayor and Clerk and shall be signed and sealed as
<br />municipal bonds are signed and sealed and shall state on their face the
<br />purpose for which they are is sued. Said notes shall be dated the date upon'��
<br />which said funds are borrowed and shall be made to mature on or before _two�
<br />(2) years from date of first note. Said notes shall bear interest at the
<br />rate of six (6f) percent per annum, payable at the maturity thereof, or at
<br />the time same are fully paid, and shall be issued in denominations of not
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