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J ? ORDINANCE N0. ?6 G D ???? ?' AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICTPATION OF THE ISSUANCE OF BONAS TO PAY THE PROPERTY OWNERS` PORTION OF THE COST OF CON- STRUCTSNG SAPTITARY SEWERS AND APPURTENANCES IN AREA 3 OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, pursuant ta Ordinance No. 65-52, passed March 2, 1965, a note in the principal amount of $1,068,000, dated March 25, 1965, was issued for the purpose hereinafter stated, to mature one year from the date of such note; and ? WHEREAS, by reasons of delay in completion of construction, it has proved impossible to issue the bonds anticipated by said note in order to retire the same; and WHEREAS, to preserve the credit of the City it is essential to issue a new note to retire such outstanding note, and in anticipation of the issue of bonds; and WHEREAS, the fiscal off3cer has certified to the maximum maturity of the bonds anticipa.ted and.to the nates herein authorized; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North 0lmsted in the principal sum of $1,068,000 for the purpose of payi.ng, in anticipa,tion of the collection of special assessments, the property owners' portion of the cost of constructing sanitary sewers and appurtenances in Mastick Roa,d and certain other streets and easements in Area 3 of the City between the termini and iM the manner provided in Resolution No. 64-251+, adopted October 20, 1964. Section 2. That said bonds shall be dated approximately Ma.rch 1, 1967, shall bear interest at the estimated rate of three and one-half per centum (3-1/2y6) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy and collection o#' special assessments and of the issuance of the aforesaid bonds for the above described improvement, and to pay and retire said outstanding note dated March 25, 1965, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $1,068,000. Section 4. That such anticipa,tory note in the amount aforesaid shall . bear,interest at the rate of two and ninety-five hundredths (2.95y6) per annwn, such interest to be payabl.e at maturity. Such note shall be dated March 25, 1966, and shall ma.ture on or before one year frow said date. i . , • ` ?