01-05-1943 to 02-06-1951 Ordinance 620 to 869

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Ordinance No._ �r By Mr. AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF ANDRUS AVENUE.. FROM THE BOULEVARD TO KENNEDY RIDGE ROAD, BY GRADING, DRAINING AND SLAGGING SAME. WHEREAS the Council of the Village of North Olmsted has heretofore, by proper legislation, declared the necessity of improving Andrus Avenue, from the Boulevard (northerly end of Andrus Avenue) to Kennedy Ridge Road, by grading, draining and slagging same, and V1HEREAS this Council contemplates the uss of $10,000.00 for the purpose of paying the portion of said improvement which is to be paid by assessments; now, therefore, BE IT ORDAINED by the Council of the Village of North Olmsted, Ohio; Section 1. That. it is hereby declared necessary to issue bonds of the Village of North Olmsted in the principal sum of $10,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Andrus Avenue, from the Boulevard to Kennedy Ridge Road, by grading, draining and slagging same. Section 2. That said bonds shall be of the denomination Of $500.00 each; shall be dated May 1, 1951, and shall bear interest at the rate of not to exceed four per cent per annum, payable semi - annually, on the first days of April and October of each year, until the principal sum is paid, and shall mature in �tren annual installments after their issuance. Section 3. That for the purpose of raising money in al ticipation of the levy of special assessments and in anticipa- tion of the issuance of bonds in anticipation of the collection of special assesanez is for the improvement of Andrus Avenue, from the Boulevard to Kennedy Ridge Road, by grading, draining and slagging same, in accordance with the legislation heretofore passed by the Village Council with respect to said improvement:, it is hereby declared necessary to issue, and there shall be issued, notes of the Village of North Olmsted in the sum of $10,000.00. Section 4. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at the rate of three and one -.half per cent (32 %) per annum, payable at the maturity of said notes; said notes shall be dated April 17, 1950, and shall mature one year after date thereof; such notes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said notes. Section 5. Said notes shall be executed by the Mayor and the Village Clerk; shall bear the seal of the corporation; they shall be payable at the office of The Bank of Berea Company, North Olmsted Branch, in the Village of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance.