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

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Ordinance No._ e`L By Mr. AN ORDINAN CE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL .ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS Iff ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVE- MT OF CERTAIN STREETS THEREIN NAMED BY CONSTRUCTING THEREIN WATER MAIN.. WHEREAS- -the Council of the Village of North Olmsted has heretofore, by proper legislation, declared the necessity of improv- ing certain streets-hereinafter named by constructing therein a water main, and ITHEREAS this Council contemplates the use of $36,500.00 for the purpose of paying the portion of said improvements which are to be paid by assessments; I now, therefore, BE IT ORDAINED-by the Council of the Village of North Olmsted, Ohio: Section 10 That it is hereby declared inecessary . to. issue bonds of the Village of. North Olmsted in the principal sum of 036,500.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of - Gessner Road, from Lorain Road to Walter Road, by constructing therein a water main, and Porter'Road, from Lorain Road to the north line of the S. S. Scherrer property, by constructing therein a water main. 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 $500:00; shall be dated August 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 anticipation 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 t6 tissue, and there shall be issued, notes, of the Village of North Olmsted In the sum of $36,500.00, which shall be placed to the credit of. the water main funds in the respective amounts set opposite the same, to wit: Gessner Road, from Lorain Road to Walter Road, $22,000.00 Porter Road, from Lorain Road to the north line of the S. - S.. Scherrer property, $14,500.00