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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-168
<br />BY: MAYOR THOMAS O'GRADY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $500,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />CLAGUE ROAD BETWEEN CERTAIN TERMINI, IN
<br />COOPERATION WITH CUYAHOGA COUNTY, BY
<br />GRADING, DRAINING, WIDENING, CONSTRUCTING AND
<br />RECONSTRUCTING THE PAVEMENT BASE, DRIVEWAY
<br />APPROACHES AND SIDEWALKS, CURBING, PREPARING
<br />THE SURFACE, SURFACING AND PROVIDING STORM
<br />WATER DRAINAGE IMPROVEMENTS, IN EACH CASE
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />AND WORK INCIDENTAL THERETO.
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of each class of the improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is at least twenty years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is two hundred forty months;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$500,000 (the Bonds) for the purpose of improving Clague Road from Interstate 480 to Lorain
<br />Road, in cooperation with Cuyahoga County, by grading, draining, widening, constructing and
<br />reconstructing the pavement base, driveway approaches and sidewalks, curbing, preparing the
<br />surface, surfacing and providing storm water drainage improvements in Clague Road and
<br />Virginia Avenue, in each case together with the necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately May 1, 2006, shall bear interest at the
<br />now estimated rate of 5%2% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in twenty annual principal installments that are substantially equal, payable
<br />on December 1 of each year. The first principal installment of the Bonds is estimated to be payable
<br />on December 1, 2007, and the first interest installment on the Bonds is estimated to be payable on
<br />December 1, 2006.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $500,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds. The Notes shall be dated the date of their issuance, and shall mature on May 3, 2006;
<br />provided that the Director of Finance may, if she determines it to be necessary or advisable in
<br />connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance
<br />with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to
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