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

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Ordinance No. CT By Mr. AN 0 RDINAN CE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SHA; CIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF CERTAIN STREETS THEREIN NAMED BY CONSTRUCTING THERE- IN WATER MAIN. WHEREAS the Council of the Village of North Olmsted has heretofore, by proper legislation, declared the necessity of improving-certain streets hereinafter named by constructing therein a water main, and WHEREAS this Council contemplates the use of yp28,230.00 for the purpose of. paying the portion of said improve- ments which are 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 628,230.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of - Gladland - Avenue, from Elm Road to the northerly end, by constructing therein a water main, and McKenzie Road, from Lorain Road to the southerly line of John &Mary Maruschak property, by construct- ing therein a water main. Section 2. That said bonds shall be of the de- nomination of 601000.00 each, except the first bond which shall be in the sum of X230.00; shall be dated September 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 ten 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 the above named streets by constructing therein a water main in accordance with the legisla- tion heretofore passed by the Village Council with respect thereto to pay the property owners' share of the cost and expense of said respective improvements, it is hereby declared necessary to issue, and there shall be issued, notes of the Village of North Olmsted in the sum of $28,230.00, which shall be placed to the credit of the water main funds in the respective amounts set opposite the same, to wits Gladland Avenue, from Elm Road , to the northerly end,$, 2,230.00 ,�'�� MvlcKenzie Road, from Lorain Road to the southerly line of John & Mary MiIaruschak property, %p26,000.00 It �v 0