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ORDINANCE NO. 86$ <br />BY AN ORDINANCE AUTHORIZING THE <br />' ISSUANCE OF A NOTE OR NOTES IN <br />ANTICIPATION OF THE LEVY OF <br />SPECIAL ASSESSMENTS) AND IN <br />ANTICIPATION''OF THE ISSUING OF <br />' OG BONDS IN ANTICIPATION OF THE <br /><� COLLEL7TION OF. SPECIAL ASSESSMENTS <br />FOR THE IMPROVEMENT OF DOVER <br />CENTER ROAD FROM BUTTERNUT RIDGE <br />ROAD TO LORAIN ROAD BY CONSTRUCTING <br />A CONCRETE WALK ON THE ITt STERLY <br />SIDE OF SAID DOVER CENTER ROAD. <br />WHEREAS,' it is necessary to provide for the immediate <br />financing of the improvement of Dover Center Road from Butternut <br />Ridge Road to Lorain Road by constructing a. concrete walk on the <br />westerly side of. said Dover Center Road. <br />BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF NORTH <br />OLMSTED, STATE .OF OHIO: <br />Section -1. That in order to provide a fund for the temporary <br />financing of the improvement of Dover Center Road from Butternut <br />Ridge Road to Lorain Road,. by constructing a concrete walk on the <br />westerly side of said Dover Center Rcad the Mayor and.Clerk of <br />J' the Village.be, and they are hereby auUorized and directed as the <br />j construction herein contemplated demands, to issue a note or notes, <br />of the Village of north Olmsted and borrow not to exceed the aggregate <br />sum of �5 149.10 which amount is the estimated portion of the cost <br />and expense of Ue improvement herein contemplated, assessable against <br />t the property bounding and abutting upon said improvement. <br />Section 2. That the fund herein authorized to be borrowed shall be <br />borrowed in anticipation of and shall be payable from the proceeds <br />of the sale of bonds which tie Village of North Olmsted undertakes <br />and pledges itself to issue-in anticipation of the levy and collection <br />of special assessments upon the property declared to.be benefited <br />by the improvement herein mentioned. <br />41c_t_i_on�34 A note or. notes not to exceed the aggregate amount <br />herein authorized to be borrowed shall be issued, signed and sealed <br />by the Mayor and Clerk and shall state on its face the purpose for <br />which it is issued. Said note or notes shall be dated the day the <br />a fund is borrowed and shall be made to mature on or before one year <br />after the date of issue and shall bear interest not to exceed three <br />and one -half per cent per annum, payable at the maturity.of said note or <br />notes, or at the time the same are paid in full. <br />ection 4. That the said fund when borrowed shall be placed to the <br />cre or""the Dover Center Sidewalk Fund, and it is hereby appropriated <br />;. and authorized to be paid out on regularly executed vouchers properly <br />signed by the proper officials of the Village, to apply on that <br />portion of the cost cf.. said improvement chargeable a ainst the fgrom Butternut <br />property bounding and abutting-on Dover Center Road f <br />ridge Road to Lorain -Road., and for no other purpose whatsoever. <br />Section 5. That for the payment of the notes to be issued <br />pursuant to the provisions of this ordinance, together- .v, ith interest <br />thereon, the special assessments hereinbefore mentioned as well as <br />the proceeds of the sale of bonds to be issued in anticipation <br />of the levy and collection of special assessments for said <br />3 <br />j <br />