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ORI3IN AN GE D10. 889 BY: ~ /~~-~.~~. OItl7ItiICE TO PROVIDE FOB T~.E ISSUING OF NOTES IN tiNTICIpATIO~d GF THE LEVY OF SPEC I A.L ~1SSE55~ ENT S t~VD TN ti~ITICIP~iPION C1~' Tf.L~ IS~TJI~iG GF~NDS IN ANTICIPATION OF' THE MOLLECTIO:N OF SPEGI~I, ~SSLSSI~VT5 ~r`Ok T~iE II~PB.OVF.~iE.NT OF F`LE~i:~HTY riUAD, FROG LOIttiII~ RCt~ii ~`O THE SGUTh :r~~lD BY CONSTRUCTING Ti13EIN ~ ~rl~'i ~~I~. ~+HEHEAS, the Council of the village of North Olmsted has heretofore, by prop®r legislation, declared. the necessity of 3~.~prav- ing Flab.eart~y Road fr©m Lorain Road to the South end, by constructing therein a Wa sr main, anal I~uHER~S this Council contemplates the use of 11,000...00 for the purpose o~ paying the portion of said improvement, ~rhich is to be paid by assessments; now, therefore, BT IT OFU~~iID1ED BY THE CGUNCIL GF TFE VILLAGE GF` NOR.TH OL~STEU, ST6.TE OF OE~IO: Section 1. That it bonds of the Yillage of ~®rth X11 000.40 for the ptax~pese of collection of speci~l assessm+ AOad from Lorrain Road' to the a wa~er main. is hereby declared necessary to issue Olmsted in the principal $~ of raising money in anticipation of the ants for the #.mprow+~ment of F1eYz+earty. south end, by constructing there~~.n Section 2. That said bonds shall be of the .denomination. of 1100.00 each; shall b$ dated dune 1, 1952 and shall bear interest at he rate of not to ex~cs~d four (4) per een~ per annum, gayabl~e semi-annually, on the first days of April and October of each year„ until the principal sty is paid, and shall mature in ten annual install- ments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy of special ass~:ssments and in anticipation of the issuance of bonds in anticipation of the collection of spacial assessments for the improvement of the above naffied street by constructing therein a water main in accordance with the legisla- tion heretofore passed by the Village Council v~ith respect thereto to pay the property ownerst share of the cost and expense of said respective improvement, it is hereby declared necessary tca issue and there shall be issued note or notes of the Yillage of North Olmsted in the suffi of ~1~,000.00, which shall be placed to the credit of the Flehearty Road Water Improvement Fund in the amount of 11,OC}0.00. Section 4. That such anticipatory note or notes in the amount aforesaid shall be sued bearing interest at the rate of three and one-half per cent (3~ per annum, payable at the maturity of said note or notes; said note or notes shall be dated~June I 1951, and shall mature on Yay 31, 1952; such note or notes shall ~e executed and delivered in such manner and such denominations as may be requested by the purchaser of said note or notes. Section 5. Said note or notes shall be executed by th+e Mayor and the Yillage Clerk; shall bear the seal of the c©rporation; they shall be payable at the ofa-ice of the Bank of Berea Company, North Olmsted branch, in the Yillage of North Olmsted, Ohio; they ,~p~ . ~~:. ~,:.r..:,r:.,,.