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ORDINANCE N0. ~' ~ ~ BY: Mr. I AN ORDINANCE TO PROVIDE FOR THE ISSUING OF NOTES IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICIPATION OF THE ISSUING OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPt~OVEMENT OF CANTERBURY ROAD FROM LORAIN ROAD TO A DRAINAGE DITCH 3000 FEET NORTHERLY THEREFROM, BY CON- STRUCTING THEREIN A STORM SEWER. Whereas, the Council of the City of North Olmsted has heretofore, by proper legislation, determined that the improvement of Canterbury Road from Lorain Road to a drainage ditch 3©00 feet northerly there- from, by constructing therein a storm sewer, is necessary for the imtmediate preservation of the public health, peace, safety and welfare, and Whereas, this Council contemplates the use of 45,000.00 for the purpose of paying the portion of said improvement, which is to be paid by assessments. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, STATE OF OHIO:: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X45,000.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Canterbury Road from Lorain Road to a drainage ditch 3000 feet northerly therefrom, by constructing therein a storm sewer. Section 2. That said bonds shall X1,00 . eac<, shall be dated July 1, the rate of not to exceed four (4) per annually on the first days of April an principal sum is paid, and shall mature their issuance. be of the denomination of 1955, and shall bear interest at cent per annum, payable semi- d October of each year until the in ten annual installments after Section~,~. 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 street by constructing therein a storffi sewer in accordance with the legislation heretofore passed by the City Council with respect thereto to pay the property owners share of the cost and expense of said respective improvement, it is hereby declared necessary to issue and there shall be issued, note or notes of the City of North Olmsted in the sum of X45,000.00, which shall be placed to the credit of the Canterbury Road Storm Sewer Improvement Fund in the amount of X45,000.00. Section That such anticipatory note or notes in the amount aforesaid shy be issued bearing interest at a rate not exceeding four per cent (4) per annum, payable at the maturity of said note or notes; said note or notes shall be dated as of the date said note or notes are sold, and shall mature on July 1, 195; such note or notes shall be executed and delivered in such manner and such denomina- tions as may be requested by the purchaser of said note or. notes. Section„ Said note or notes shall be executed by the Mayor and the ity Auditor; shall bear the seal of the corporation; they shall be payable at the offic a of the National City Bank of Cleveland, North Olmsted office, in the~City of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this Ordinance.