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ORDI1~li.NCE liO. 891 By: ~~~"-'"~ ORDINANCE i`0 YF~OVIDE FOB THE TSStJING Off' tVOT~S IN i3NTIGTPATIGu Off' 1 Eli+ LEVY U~' SPEGItiL t~aSESS~iT S ~1D IN t~1TICIPkTIOi~ OF `l~iE ISSUIT~G OF i30~DS IN gAiT I:CIPAT ION Off' T ICE GOLL£GT10N OF SPECI~.L ASSESS~d:~1VT5 F'OR T HB I~P~.OVE~ENT G~' bT E~ S ,,,. ROAD ~'.HO~ LOi~hIiV hO~ T G iv (~fs.T h ~~ LY ' LIVL Oi~ BF..kN.~T) ST -'~iNS ~1~OPEHTY, KY GONOTL.UUI I~G T~iEREII~1 ~. ~}~ti`1;c~' sv=.xlu . WHE~.S, the Council of the Village of forth Olmsted has here ofore, by prc~,per legislation, declared the necessity of im rov- ing Learns Road fr©m Lorain Road to northerly line of Bernard. Learns property, by constructing therein a water main.-~ YaHER~:tiS, this Council contemplates the use of X32, 300.00 for the purppose of paying the portion of said improvement, which is to be paid by assessments; n®w, therefore • BF IT ORD~.I~I~D BY TBE COUNCIL OF THE VILLAGE OF NORTH OL~ST~, STATE 0~` OH.IO: Section l., That it is hereby declared necessary to issue bonds of the Village off' North Olmsted in the principal s^ cif X32,300.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Stearns Road from Lorain Road to northerly line of Bernard Stearns property by constructing therein a water main. Section 2. That said bonds shall be of the denomination of X1000.00 es.ch except Bond No. 1 which shall be in the denomination of X1300.00; sha~.l be dates. June 1 19b2, and shall bear interable at the rate of not to exceed four ~4) der cent er annum., pay semi-annually on the first days of April and October ~f each year until the principal sum is psis, and shall mature in ten annual installments after their issuance. Section 3. That for the purpose of raising money ire anticipation of tYie levy of special assessments anc~ in anticipal;iori of %he is:~uance of bonds in anticipation of the collection of special a s se s srnent s for the impraver~ent of the above named street by constructing therein a water main in accordance ~°ith the legisla- tion heretofore passea'by the Village Council with respect thereto to pay the property ownerst share of th+~ cost and expense cf said respective improvement, it is hereby declared necessary to issue and there shall be issues, note or notes of the ~ illage of North Olmsted in the sum of X32,300.00 which shall be placeedd to tYie credit of the Stearns Woad W-star Improvement Fund in the amount of ~32,300.OG Section ~. T not such anticipatory note o~° notes in the amount aforesaid shall be .sued bearing~iableeat thetms.turityoc~ftsaid and-one-half per cent (~~~ per annum p"y note or notes; said note or`noteshsnote oar notes shalll~iele~~cuted shall mature on day 31, 19b,~, suc and delivered in such manner and such denominations as may be requested by the purchaser of said note or notes. Section ~. Sala mote or notes shall be executes by the Mayor and the Village Clerk; shall bear the seal of the aorporat:io:~z; they shall be payable at the Village oftNorth elm ted,e0hio;~pth Y North Olmsted branch, in