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Ordinance No. ZZ9 <br />By Mr. v <br />AN ORDINANCE <br />TO PROVIDE FOR THE ISSUING OF NOTES, IN ANTICIPATION OF THE <br />LEVY OF. SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING <br />OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS <br />FOR THE IMPROVEMMi T OF SILVERDALE ROAD, FROM LORAIN ROAD TO THE <br />NORTH. LINE OF SUBLOT N0. 29, BY CONSTRUCTING THEREIN A WATER LINE. <br />WHEREAS the Council of the Village of North Olmsted <br />has heretofore, by proper legislation, declared the necessity <br />of improving Silverdale Road, from Lorain Road to the North Line <br />of Sublot No. 29, by constructing therein a water line, and <br />WHEREAS this Council contemplates the use of 08900,00 <br />for the purpose of paying the portion of said.improvement which" <br />is to be paid by assessments; now, therefore, <br />BE 12 ORDAINED by the Council of the Village of North <br />Olmsted, State of Ohio: <br />Section 1. That it is hereby declared necessary to <br />issue bonds of the Village of North Olmsted in the principal <br />sum of 08900.00 for the purpose of raising money in anticipation <br />of the collection of special assessments for the improvement of <br />Silverdale Road, from Lorain Road to the North Line of Sublot <br />No. 29, by constructing therein a water main. <br />Section 2. That said bonds shall be of the denomination <br />of 4500,00 each, - except the first bond, which shall be -in the <br />sum.of $400.00; shall be dated. "January 1-, 419510 and shall bear <br />interest at the rate of not to exceed four per cent per annum, <br />Payable semi- annually, on the first days of April and October of <br />each year, until. the principal sum is paid, and shall mature in <br />ten- annual installments after their issuance. <br />Section 3. That for the purpose of raising money in <br />anticipation of the levy of special assessments and in anticipa- <br />tion of the issuance of bonds in anticipation of the collection <br />of special assessments for the improvement of Silverdale Road, <br />from Lorain Road to the North .Line of Sublot No. 29, by construct - <br />ing therein a water line in accordance with the legislation <br />heretofore passed by the Village Council with respect to said <br />improvement, it is hereby declared necessary to issue, and there <br />shall be issued, notes of the Village of North Olmsted in the <br />sum of $8900.00, which shall be placed to the credit of the <br />Silverdale Road Water Ka A Fund. <br />Section 4. That such anticipatory notes in the amount <br />aforesaid shall. be issued bearing interest at the rate of three <br />and one -half per cent (30) per annum, payable at the maturity of <br />said notes; said notes shall be dated January �v, 1950, and <br />shall mature one year after date thereof; such notes shall be <br />executed and delivered in such manner and such denominations as <br />may be requested by the purchaser of said notes. <br />Section 5. Said notes shall be executed by the Mayor <br />and the Village Clerk; shall bear the seal of the corporation; <br />they shall be payable at the office of The Bank of Berea Company, <br />North Olmsted Branch, in the Village�of North Olmsted; Ohio; <br />they shall express upon their face the purpose for which they <br />are issued and that they are issued pursuant to this ordinance. <br />r <br />