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C, <br />Ordinance No. �7 <br />By Mr. <br />AN ORDINAN CE <br />TO PROVIDE FOR THE'ISSUING OF NOTES IN ANTICIPATION OF THE LEVY <br />OF SPECIAL ASSESSMENTS AND IN ANTICIPATION . OF THE ISSUING OF BONDS <br />IN ANTICIPATION OF THE COLLECTION OF SPECIAL.ASSESSMENTS FOR .THE_ <br />IMPROVEMT OF CERTAIN STREETS . THEREIN NAMED BY CCKSTRUCTING THEREIN <br />A WATER MAIN <br />WHEREAS the Council of the Village of North Olmsted has <br />heretofore.-by proper legislation, declared the necessity of improv- <br />ing certain streets hereinafter named by constructing therein a <br />water main, and <br />WHEREAS-this Council contemplates the use of $25,600.00 <br />for the purpose of paying the' portion of said improvements which <br />are to be paid by assessments; now, therefore, <br />BE .IT ORDAINED by the Council of the Village of North <br />Olmsted, State of Ohio: <br />Section 1. That it is hereby declared necessary to issue <br />bonds of the Village of North Olmsted in the principal sum of <br />X25,600.00 for the purpose of raising money in anticipation of the <br />collection of.special assessments for the improvement of <br />Selhurst Road, its entire length, by constructing <br />therein a water main; and <br />Silverdale Road,' from the North line of .Sublot 29 <br />to the end of the street, by con - <br />structing therein a water main. <br />oP Section 2. That said bonds shall be of the denomination <br />Of 91000.00 each, except the first .bond which shall be in the sum <br />600.00; shall be dated June 1, 19519 and shall bear interest <br />at the rate of not to.exceed four per cent per annum, payable semi - <br />annually,, on the first days of April and October of each year, until <br />the principal sum is paid, and shall mature in ten annual Install - <br />ments after their issuance. <br />Section 3. That for the purpose of raising money in <br />anticipation of the levy of special assessments and in anticipation <br />of the issuance of bonds in anticipation of the collection of <br />special assessments for the improvement of the .above named streets <br />by constructing therein a water main in accordance with the legisla- <br />tion heretofore passed by the Village Council with respect thereto <br />to Pay the property owners' share of the .cost and expense of said <br />respective improvements, it-.Is hereby declared necessary to issue, <br />and there shall be issued, notes of the Village of North Olmsted <br />in the sum of $25,600.00, which shall be placed to the credit of <br />the water main funds in the respective amounts set opposite the <br />same, to wit: <br />Selhurst Road, its entire length,.......... 14,000.00 <br />Silverdale Road, from the north line of <br />Sublot 29 to the end of <br />the street . ..:............ 11,600.00 <br />A <br />