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clTy OF NoRTx Oz~rED ORDINANCE N0. Introduced by: T~~~:~~~ CftDINANCE TO PROVIDE FCfR THE ISSUANCE OF NOTES IN ANTICIPATION OF THE LEVYING OF SPECIAL ASSESSN@iT5 AND IN ANTICIPATION OF THE ISSUING OF BANDS IN ANTI- CIPATION Off' THE COLIECTION OF SI''ECIAL ASSESSMENTS FO$ THS Il~"ROVF~Id'T OF LUCTTTF DRIVE FROM GRACE ROAD TO THE EASTERLY LINE t~' MLTRC~OLITAN PARK ALLt3TMF.~ BY CONSTRUCTING AND INSTALbING A FIVE F(')E7T CONCRETE PUBLIC SIDEkTALK ON BOTH SIDES TI3F,R,EC~'. ~IEREAS, the Council of the City of North Olmsted has heretofore determined that the improvement of Lucille Drive from Grace Road to the Easterly line of Metropolitan Park A,ll.otaient, by constructing and install- ing Cher®in a five foot concrete public sidewalk on both sides thereof is necessary for the inm-ediate preservation of the public health, safety and welfar®, and T~iEREAS, this Council contemplates the use of Forty-Three Hundred Fifty Dollars 0350,00} for the purpose of pay3.ng the portion of said improvement which is to be paid by assessments. NGW, THEREFORE, BE IT CFtDAINED by the Council of the City of North 0]znsted, State of Ohios Section 1: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of Forty Three xundred Fifty Dollars t354.oc) for the purpose of raising money in anticipation of the collection of special assessments for the improvs~nt ®f Lucille Drive from Grace Road to the Easterly line of Metropoljtan Park Allotment by constructing and installing therein a five foot concrete public sidewalk on both sides there- of. Section 2: That said bonds shall. be of the denomination of ~l,C)00.00 each, except that Bond No. 1 shall be for X350.00, dated June 1, 1959, and shall bear interest at the rate of not to exceed par annum, payable semiannually on the fast days of June and December of each year until the principal stem 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 antici- pation of the collection of special assessments for the improvement of the above named street by constructing therein a five foot concrete public sidewalk on both sides thereof in accordance with legislation heretofore passed by the City Council with respect thereto to pay the property owriers'shars of the cost and expanse of said respective improve~aent, it is hereby declared necessary to be issued and thQre shat.]. be issued note or notes of the City of North Olmsted in the sum of X4350.00, which shall be placed to the credit of the Lucille Drive Sidewalk Improvement Fund in the said amount. Section l~: That such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at the rate not exceeding ~.~ 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 or before one year after date; 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.