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3 �.1 J. E. 7f 0h rist -n i n. C,T:,rk r-1, t.,-,n
<br />�. 1,0,rth Umsted Ohio, do hcrehy Certify that t1 re 1.1 ni, 1;
<br />ill n))f l ntt.'.aiCi7'Iality, and that put,'Iica..,,lr o.
<br />1L;; +rt:illC.rC; C;L'.rl d'u�y i` aC� }by j�pgilCla trur. CJ(,i�a t...Jre,J1 i.:�'
<br />1 •tti,td of 13 d.. Xsa(i"d L ]nine; on the a of
<br />j,E — "r•,�' t.,,t' lI V„ IM of ' "�`�t Council s Vii)al;e in � dinance No 111
<br />1922,
<br />•An'6ialnan rkof the t lade of 1V'ortlt ()Ir7ste�1, �lta;o
<br />Authorizing the issuance of notes of the Village of .North Olmsted State of
<br />Ohio, in the amount of .$17,357.38 , to be paid at. or before maturity from
<br />the proceeds of the sale cf boz.ds to b7issued in antisl_pation 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 slagging Porter Road from
<br />Lorain Road to Southern Avenue proposed amt amending Ordinance No, 251
<br />' passed August 7, 19280
<br />WHEREAS, the Village of North Olmsted has heretofore, by legislation
<br />duly adopted, provided forte improvomen of the foregoing street by
<br />_grading, draining and constructing slag road bed therein
<br />all in strict conformity to the law in such cases made and provided; and,
<br />WHEIEAS, 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, arA the Village Clerk has
<br />certified to this Council the estimatod life of said improvement to be eight
<br />years, and the maximum maturity of notes to be issued for the temporary
<br />f nan a ir.g of said improvement as two (2) years, and,
<br />WMM, AS, UaisCouncil estimates and determined that the levy of special
<br />assessments for said improvement will be computed and certified for collection
<br />during the year, 1928 , and that bonds will I)e issued in anticipation of
<br />the collection of such assessments prior to the date of the maturity of any
<br />of tr,a notes proposed to be issued under the provisions of this ordinance;
<br />NOW, TIMIREFORE . Be it ordained by the Council of the Village of North
<br />Olmsted State of Ohio,' three- fourths of all members elected the off,
<br />concurring:
<br />Section 1. That it is necessary to issue notes of the.Village of North
<br />Olmsted in order tr provide a fund for the temporary financing of the —fol-
<br />lowing impr ovens nt, to v: it : Porter Road from Lorain Road to Southern Avenue
<br />proposed by grading, draining
<br />and slagging same 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
<br />of Seventeen Thousand Three Hundred Fifty.-Seven and 38.00 Dollars (t17.S57.S8)
<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 bonds, 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 />;%somata 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 mount ' 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 tivhich they are issued. 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 (6 %) percent per annum, payable at the maturity thereof, or at,,
<br />the time some are fully paid, and shall be issued in denominations of not
<br />
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