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

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Ordinance No. 775 By AN ORDINANCE TO PROVIDE FOR THE ISSUING OF A NOTE IN ANTICIPATION OF THE LEVY OF SPFDIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING, OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF LUCYDALE AVENUE, FROM LORAIN ROAD TO THE SOUTH.LINE OF SUBLOT 39, 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 Lucydale Avenue, from Lorain Road to the South line Of Sublot 39, by grading, draining and slagging same, and WHEREAS this Council contemplates the use of 65700.00 for the purpose of paying the portion of said improvement which is to be paid by assessments and the interest maturing previous to the receipt of the assessments from which such interest is ultimately to be paid, either upon the bonds'or note hereinafter provided for, making an aggregate amount of $5700.00; now, therefore, BE IT ORDAINED by the Council of the Village of North Olmsted, State of Ohio:, Section 1. That it is hereby declared necessary to issue bonds of the Village of North Olmsted in the principal SUM of $5700.00 for the purpose of raising money in anticipa- tion of the collection of special assessments for the improve- ment of,Lucydale Avenue, from Lorain Road to the South Line of Sublot 39, by grading, draining and slagging same. Section 2. That said bonds shall be of the denomina- tion of $1000.00 each, except the first bond which shall be in the sum of $700.00• shall be dated September 1, 1950, and shall bear interest at tie 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 five annual installments after their issuance. Section 3. That for the purpose.of raising money in anticipation of the levy of special assessments and in anticipa .tion of the issuance of bonds in anticipation of the collection Of special assessments for the improvement of" Lueydale Avenue, from Lorain Road to the South Line of Sublot 39, by grading, draining and slagging same, in accordance with the legislation heretofore passed by the Village Council with respect thereto to pay the property owners' share of the cost and expense of said Improvement, it is hereby declared necessary to issue, and there shall be issued, a note of the Village of North Olmsted in the sum of $5700.00, which shall be placed to the credit of the heoydale e Paving Fund;' however, that the appropriation inabove made for grading, draining and slagging said street is subJect to the qualification that interest at the rate of 3j% Per annum for the period prior to the collection of the first Installment shall be included in said amount and the amount necessary to pay interest is hereby appropriated for the payment thereof, and for no other purpo see Section 4. That such anticipatory note in the amount aforesaid shall be issued bearing interest at the rate of three and one - half per cent (3j%) per annum, payable at the maturity Of said note; said. note shall be dated September` 20, 19490 and shall mature Se tember 19 1050 ;. said note shall be executed and delivered in such manner as may be requested by the purchaser. i