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.i. r 0.47 ii 2. <br />Ordinance No. 313 <br />Mr. Biddulph <br />* - - -- --------------- <br />�,. ­.Art . r dn iNtrcu�1u;tU,U�i iy <br />To issue bonds in anticipation of the collection of the Special Assessment <br />for the improvement of Forter Road from Lorain Roud to Southern Aver= <br />proposed by grading, dru fining and slugging sex+e. <br />MEREAS, the Council of the Village of North Olrwted , Ohio, has here - <br />i tofore by resolution duly adopted on the 6 day ofLarch <br />• declared the necessity o improve Pori;er— or�d aroT! ' <br />Y P Lorain �oa(4 f.o L. hcrn <br />Avezue prop &ed in the Village of Borth Olmsted by <br />gralir_ ere iz�in • arul sle -=-5j !nT srzr�a <br />s <br />in accordance with the plans and specifications therefor, and of levying a <br />special assessment upon the property abutting on said road to pay for said <br />improvement, all in strict conformity to law, and, <br />TWREAS, the notes, issued in anticipation of the issuance of the bonds <br />hereinafter referred to, are about to fall due, and, <br />t� WMEAS, this Council has requested the Village Clerk to issue his cer- <br />tificate as to the estimated life of said improvement proposed to be con - <br />�o�� strueted from.the proceeds from the bonds hereinafter referred to and the <br />Village Clerk has certified to this Council such estimated life as eiglrt <br />years and has further certified the maximum maturity of such bonds as�� <br />ei;ht years, and, <br />MEMAS, this Council' estimates that a tax for said bonds will first <br />appear upon the duplicate for the tax year- �?JUO , and the final tax <br />settlement with the County Treasurer next ofoowing the inclusion of a tax <br />for this issue in the annual budget of the County Auditor, as provided by <br />law will be obtained not earlier than the first days of Se temV3r 1931 <br />and will require $ 1022 #49 for interest until such axes are col- <br />lected and availab e,. <br />NOW WMMEFORE,: be it ordained by the Council of ` the Village of Uorbli 01ristod <br />State of Ohio, two- thirds of the members elected thereto being present a-nc- 'i'' -- <br />concurring:- <br />Section 1. That for the purpose of raising money in anticipation of the <br />levy and collection of Special Assessment for the improving of <br />Fox. tax• Road fro:a Lorain Road .ta Southern Avenue Fropouod <br />in the Village of 11orth Olms L•ed by' grading, dra ;ninZ, sand s lagging s am <br />bonds of said Village shall be issued <br />in tFe amount of !Uneteoli Tho"w;x Wx ??undred Thirteon and 131100 Dollars <br />0192613.1u) of which Eighb-een Thouu:uil Five) <br />- Hundred Ninety an3 611100 Dollars 018,590.64 <br />i <br />- is the estimated cost of said improvement according to report of Engineer and <br />One Thouscuil Twenty-Two, and 49/103 Dollars ($1022.49� <br />is the interest for one year thereon. <br />Section 2. Said bonds shall be designated as the "Porter Road alag itlg <br />Improvement fiends" shall be of the denomina- <br />tion of $ 980400 each except the first bond which shall. be $ 993.13 <br />shall be dated October 1. 1929 shall draw interest at the rate of 5 -lT <br />per centum per annum payable semi- annually on the first days'of April and <br />October in each year, until presentation and surrender of interest coupons. -to. <br />be attached to said bonds bearing the facsimile signature of the Clerk and._ <br />shall be due and payable as follows:- <br />