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G -- - ?M NCE NO . G 1 -31 L AN ORDINANCE PROVZDING FOR THE ISSUAaCE OF A NaTE IN A2CICIPATION OF THE LEVY QF. SPECZAL ASSESSNEIS AND THE ISSLiAN1CE OF BONID6 T4 PAY THE COST OF CON3TR'f3CTZNG SIDEWAIKS IN 3IJNIWY DESIGNATED MEM) AND TO R?.'rIRE :102ES PRZVIOUSLY ISSUED F0R SUCH PURF06E AND ABOUT TO NATURE, ANA DECIARING AN FMMENCY WfMIEAS, for the financing of the improvements hereinaf"ter described, Council by Ordinance No. 63-259 authorized and caused to be issu,ed a note in the amount of $18,000, dated Januaiy l, 1964, which will mature on Deaember 31, 1964, and, it • t,eing impossible to complete the assessment procedux'e requisite to permit issuance of the bonds anticipated thereby in time to meet such note at me.turityp it is necessary to issue a r,ew note in amount sufficient to ps,y ofP and retire the principel of said outstanding note at its maturity; NOW) THERg'ORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OIATSD., OHIO: Section 1. Tl.iat it is hercby declared necessary to issue bonds of the City of IQorth Olmsted in the principal eum of $18,000 in anticipation of the special aeeessments to be levied for the purpose of constructing sidawalks in Walter Road, IArain Road and Columbia Road as described in Resolution No. 63-159 pae8ed Jul,r 16, 1963. Section 2. That said bonds shall be dated approatimatelY November l, 19651 sh&ll bear interest at the estime.ted rate of three a.nd onae-half per centuffi per ennum, peysble seuiannua,ll,y until the principal sum is paid, and sha1l mstuz'e in five (5) substantie?1.13' equal annual installments after their issuance. Section 3• That for the gurpose of raising money in aaticipstion of tYLe levy of speciel esseasments and of the issuance of the af'oresaid bonds for the Rbov+tvdescribed improvements, and to retire and pey off the maturing principal of the outetandin8 nate hereinabove recited falling due on Deceinber 31, 19640 it is hereby declarad necessary to issue anc3 there sha11 be issued a note of said City in the aggTeBata amount of $1b,000• Section 4. That such anticipatozy note in the amount aforesaid sllal.l besr interest at the rate of two & fifteen/hundredths per centum ( 2.15 $) per annum, PelYable at maturity, sha11 be dated December 31, 194, and shall rciature On or befo2"e Deeember 31, 1965. - Section 5. Such riote aball be executed by Uw Myor Rnd Director of Finance and bear the ses:l of the corporation, shall be pe?yable st the office of the Director of Finance, and shall express upon its faee the purpoee for which it i8 lasued 4k and that it is issued pursuant to thjs ordinance. Sectian 6. A11 assessments collected for the improvements aforesaid, anCl &ny unexpended bal.ance re^ei.nir,g i.n the improvement funds af'ter the costs a.nd expenses of sgid improvemen*: izave been paid, shall be applied to the paynent of said note t?nd t;h? :nterest tiie,eon until both are fully pravided for. Section 7. 5ubject to the :ejection of se,id note by the off'icer in charge of tYie ?.. n?i Rnt:~_mer}?. F-And, v?_'?d r:ote iti hereby awarded and sold to The National City