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Y ? ?rg? L ORDINAKCB N0. .> ? AN ORDINANCE M PAOVIDE FOR TSS I83UAPICE OF NMB IN ANTICIPATSON OF TJE ISSUANCE OF BONDS FOA T!M PURPOSB OF PAYING PART OF TfE COST OF C0113TRI1CTI011 OF A NIUNICIPAL MWAGB TREADMEMP PLANT AND SAAITARY SiNERS, AKD DBCLAR- ING AN DMERGENCY WtZREA3, at the regular electioa held on the 3rd day of Povember., 1959, on the propocition of 1Bauing boads of the City oP llorth Olmsted, Ohio, for the purpose hcreinafter stated, in the sun oP $1,700,000 ead for levyiag taxea outside of the ten mill limitation to pay the interest oad principal of auch bonde, the requisite ma3ority of those wting upon the proposition voted in favor thereof; and WHEREAS, the Council hsa dctormined ttut the bonda so nutborired by the electors ahould be iasued in oae lot sud thAt in order to Pecilitate pronpt acquisi- L•ioa and conotruction of the improvements to be financed thereby notes ahould be 13oucd in enticipation of the iaauancc of such bonda; and WNRSAS, the Clcrk has certified to this Council the eatiaiated liPe of aaid improvcmenta ao exceeding five yeara, and bns further certified the maximum maturity of notes sold privat,ely as one yeer; 110W, THSREP'ORS, BB IT ORUAINRD by the Oouncil of the City of lbrth Olmsted, Cuyahoga County, Ohio: 9ection l. That it is Qeeased neccaaazy to issue in one lot the bonde of the City oP Horth Olmnted, vOtod ae above recited, in the principal amouat of $1,700,000 for the purposc of payiog part of the coBt of Constructioa of a Muaicipal ocvage treatment plaat aad sanitary eevera; that caid bonds rrill be dated approximatcly January 1, 1961, will bear interest at s rate eatimated at four per centum per sanwa, payable aemi-onnuslly, sad `rill asture in 40 aanuel installments ofter their iasuauce. 8ection 2. That it is necessary and this Council hereby determinee that notea in the principal mount of $1,700,000 shsll be iseued ia aaticipation of the isauance oi' aaid borHls. 3ection 3. That such mticipatory ootes in the aoount aforesaid shall be isaued bearing intereat at the rnte of 2.9% per annum payablc at maturity,and at the rate of 3.950 per annum after maturity and until paid. 3nid notee ahall bc dat.ed aa of the datc of their respective issuouce end shell mature on or before one year after the date of the note Pirot issutd. 9uch note8 shall be executed and ? delivezed ia such nunber md auch denomiaations as aay be requeated by the purcti8aer thereof, and, aubject to the requirm?eats of the purchaser, may be delivered irom time to time by the City Aixlitor as funds art required !br the purpose aibreeaid. 3ection 4. That said aotes ahsll be eigned by the Nayor aad by the Auditor, ahall bear the corporate oeal of the City, and ehsll expreae upon their face the purpoae for which t2uy are iseued md that tLey sre issued pursuant to thie Ordinance. Said notes she?11 be payable at the mnin office of The Xntionsl City Bank of Cleveland. 16