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• CITY OF NORTFi OLMSTED oxanvANcE No. (ve'Z. t j L-1 AN 0£DINANG'E AUTHORIZIlNG THE ISSUANCE OF A NOTE IN ANTICIPATION OF TfE ISSUANCE OF BONDS AND OF THE LEVY AND GOLLECTION OF SPECIAL ASSESSMEN7.'S TO PAY THE PROPERTSC OWNEIRS' PORTION AND THE CITY'8 PORTION OF TSE COST OF IMPROVING DQVER CENt'ER ROAD BY CON- STRUCTING A SIDEWAIK, AND DECLAItING .AN IIMEFGENCY. WHEREAS, the Council of the City of North Olmsted has heretofore by proper legislation declared the necessity of constructing the impravement described in Section 1 of this ordinance; and WfiEREAS., based upon actual construction bids received and estimates of other costs, Council has found an.d deternu.ned that the total esta.mated cost of said improvement will not be less than $11,280; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of the bonds and notes proposed to be issued for such improvement; NOW., TFIERg'ORE, BE IT OFDAINID by the Council of the City of North Olmsted, Cuyahoga County,, Ohio; Section l: That it is hereby deelared necessary to issue bonds of the City of North Olmsted in the principal sum of $11.,280 for the purpose of paying, in anticipation of the collection of special assessments, the property owners' portion, and also to pay the City's portion of the cost of i.mproving Dover Center Road by constructing a concrete sidewalk on the easterly side of said street betwten Lorain Roa.d and Butternut Ridge Road in accord.ance with Resolution No. 6$-14+, adopted September 3, 1968. Of said amount, the property owners' portion is $7,910 and the City's portion is $3,370. Section 2; That said bonds shall be dated approximately November l, 1970, sha,ll beax interest at the estimated rate of five per centiun (5%) per annum, payable semi-annually, until the principal sum is paid, a.nd shall mature in five substantially equal annual installments after their issuance. Section 3: That for the puxpose of raising money in anticipa.tion of the issuance of the aforesaid bonds a.nd in anticipation of the levy and collection of special assessments for the above deseribed improvement, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $11,280. Section 4; That such anticipa.tory note in the amount aforesaid shall beax interest at the rate of three and eighty-hundredths per centum (3.80%) per annum, sueh interest to be payable at maturity. Said note shall be dated as of the date of its issuance and shall ma,ture on or before one year frcm such date. Sa,id note sha]1 be signed by the Mayor and by the Director of Finanee, shall bear the corporate seal of the City, shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursu.ant to this ordinance. Section 5: Subject to the rejection of such note by the Director of Finance for inves-tment in the Bond Retirement F?.ind, such note is hereby awaxded and sold to The National City Bank of Cleveland at pa,r and accrued interest. The proceeds