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. . ORDINANCE N0. AN OFiUINANC:; TO PRUJ1llE FOR THE ISSUAIICE OF NOI'L'S IN APITICIPATICN OF Tn I.iS[JANCE OF BONDS FOR TFfl; Y[MPOSE CF PAYING Tn COST CP °IANS, St'ICIF'ICATlCtd3 AtJD OITic:R PRi,LINTIVARY COST3 INCIDENP 1'() AND Ri??UISITE F(kt 'I'H:: C`JSTRUCi'IOiJ OF A 3'r:UAGL CULUCTIOdJ 3YSTLM AIv'D S'r:WAGE TRI?.ATt4ENT FlANT FUic TFi?. CTTY Ch' NWH OLrVPr.D t1ND TO H?'.TIRG NOTLS HLRi?.TOFORL Z34'=D APID ABOVi' TO FALL DU'i, AND Dr7C;ARING AN LML'RGENCY 'ramakS, pursuant to Ordinance No. 2883, paased July 7, 1959, a noto in the principal amount of 4205,7001 dated June 25, 1959, waa issued for the purpeac hvreinafter t3tated and to retiro a then outatantling note aflike principal amount ? theretafore issued pursuant to Ordinance No. 2669, to maturQ on or bofore mo year fran the date oSsuch notv; and WHLUrA33% it has praved 3mposaible to isaeie the bonda ariticipat.ejci by said notc in order to retire thc sarrto; and yJHITt'rAS, to presQrve thQ credit of the City it i$ osaential to iasue 0 new note` to retirc: such outfrtanding noto, anci in anticipatien of the issuv of bonds; and `r1HIIEI:33, the fiscal afficor has heretafore certified to the maximum maturity of tha bondi ar.ticipated :uid to the notes herein a,ntl. hcretad'are authan ized; NCJtd, TtURL-FORE, BE IT ORDIIINL-D HY THi, COUNCIL QF THE CITY CF NORTH OLM6TED, OFiIO: Section 1. That it is hereby doclared neceasary to iasue bonda of the Citv of North O1.mtQd in the pi•incipal sum of $205, 700 f ar the purpose af paying thc cost of genoral and detailed plant;, specificatiane, estiao.tes of cost, preparation af tontativ@ assessment:; and tho cost of finar,cing and legal aervices incidont to the preparation of sueh plans and of a plan of financing for eonstruction of a system of seueragc and se-eage treatmem plant ror the City o? North O1mIIted in tho naner grovidbd in Urdinance No. 2613 passed December 30, 1957, which bonds sha11 bQ issu.cl in anticipation of the collection of the preliwdnAry aaeessment for such purpose harctcfore leviad. 3ection 2. 'Phat said bonds sha11 bo dated appraocimately June l, 1961, shall bear intorost at the eatimatod rate of three and aa'ie-half per ccntum per annum, payable sertiannually until the principal aum io paid, and shall mature in twenty substantially equal insta7lments aftor their isauance. Section 3. That for the purpaee of ra13ing monay in anticipation of the levy of apecial asaessn:ents and of the isauance of tha aforesaid bonds far thc above described purpose and to retire arid pay afr said outstanding note dated June 25, 1959 it is hQroby declarod necesaazy to iseue and there shall be isauec3a note,: ; of said City in the aggregato amount of $205,700. iection L. '.l'hat such anticipatory note in the amount aforosaid shall bear interost at the rate of two and ninety five huncirodtha pcr centum (2.9$%) pcr annu,ri, pzyable at maturity, stith nravision that if not paid at maturity such notc shall bcar interoat after aiaturity at the rate of three and ninQty-five hundredths per contum (3.95;$) per annum, payablc quartvrly. Such nate ahall be dated v