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ORDINANCE N0. 878 BY: Mr. Levis ORDINANCE TO PAQVIDF~ FOR THE ISSUING~OF NOTE CIR NOTES IN ANTICIPATION OF ~ LEVX' OF SPECIAL ASSESS TS, Ai~I3 I.~V i~~TICIPA2'IOII OF THP IS~Ji~uG OF BO~ij9S IN ANTICIPATION ~' THE COLLECTIOxV OF SP:~CIAL ASS~SS~EIdTS FOR.THE IMPROV T QF SALTER ROAD F80If~ MAPLE RIDGE ROAi~ TO A POINT 806 ~'F.Ef NORTH 0~' ~AP'LE RIIjGE ROAD BY CONSTRUCTING Tf3IIV A Y~ATE~ FAIN . ~fiEREA.S, the Council of the Village of North Olmsted has her~etofore~ by proper 1eg lslatian, declared the neeessit .ef improv- ing Y~alter Road from ~8ple Ridge Road to a point 806 f~ north of maple Ridge Road, by constructing therein a water main, amc~ ~_ WHEREAS, this Council contemplates the use of X3350.00 for the purpose of paying the portion of said improvements Mich are to be paid by assessments and which mount is to be paid by the ffilage of North Olmsted, Ohio, and ~tiHEREA.S, the Villages of ~+estlake andrth Olmsted have entered into an agreer~ont for the improvement of said baiter Road from Maple Ridge Rand to a point 806 feet north of Maple Ridge Road, by constructing therein a grater main. NOS TH.ERi~'OR~ BE IT t7RDAINED gY Tf~E COUNCIL OF THE VILLiGE OF' 1~ORTH OL~dST~3, STET; OF OHIO: Section 1, That it is hereby declared neeegsary to issue bonds of the Village of North Olmsted i.n the principal sum of ~3350.Q0 for the purpose of raising moneyy in anticipation.®f the collection of special assessments for the improvement of falter Road from Maple Ridge Road to a point 806 feet north of Yap1e Ridge Road, by constructing therein a water main. ' Section 2. That said bonds shall be of the denomination of 330.00, each e~ccept the first bond which shall be in the sum of 380.00; shah be dated April 1, 1952, and shall bear int®rest at the rate of not to exceed four per cent per annum, payable semi- annually, on the first days of April and October of each year, until the principal sum is paid, and shall mature in ten annual install- ments after their issuance. Section 3. That for the purpose of raising move in anticipation of the levy of special assessments and n anticipation of the issuance of bonds in anticipation of the collection of special assessments for the improvement of the abatve named stmt by constructing therein a xater main in accordance with the legisla- tion heretofore passed by the Village Council with respect thereto to pay the property o~ers~ share of the cost and n of said respective improvement., it isY~sreby declared. necessary to issue, and there shall be issued note or notes of the Village of forth Olmsted in the sum of 33~0.0~1 which shall be placed i~t the credit of the ~ialter Road Water fain ~v. 2 Fund. Section 4« That such anticipatory notes in the amount aforesaid shall be issued bearing interest at the rate of three and one-half per cent (3} per annum, payable at the maturity of said