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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-46
<br />BY: Mayor O'Grady and All of Council
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $2,055,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH THE DIRECTOR OF
<br />TRANSPORTATION OF THE STATE OF OHIO AND
<br />OTHERWISE, BY GRADING, DRAINING, REPLACING
<br />SECTIONS OF CONCRETE PAVEMENT, PREPARING THE
<br />SURFACE, RESURFACING AND CONSTRUCTING AND
<br />RECONSTRUCTING SIDEWALKS, WHERE NECESSARY,
<br />IN EACH CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES 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 fifteen years, and the maximum maturity of the Notes described in Section 3, to be
<br />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 />$2,055,000 (the Bonds) for the purpose of improving (i) Andorra Drive, Azalea Lane, Brystol
<br />Lane, Camelia Lane, Darby Lane, Fairfax Lane, Gardenia Drive, Kingston Circle, Nandina
<br />Drive, Oring Drive, Park Place, Sudbury Drive and Waterbury Circle by replacing sections of
<br />concrete pavement, where necessary, (ii) Byron Drive, East Park Drive, Florence Avenue,
<br />Lucille Drive and North Park Drive between certain termini by preparing the surface and
<br />resurfacing and (iii) Columbia Road and Great Northern Boulevard (State Route 252) between
<br />certain termini, in cooperation with the Director of Transportation of the State of Ohio, by
<br />grading, draining, preparing the surface and resurfacing, in each case together with the necessary
<br />appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately June 1, 2006, shall bear interest at the
<br />now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are
<br />estimated to mature in fifteen annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2007, and the first
<br />interest installment on the Bonds is estimated to be payable on December 1, 2006.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $2,055,000 (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 one year from the date
<br />of their issuance; provided that the Director of Finance may, if she determines it to be necessary or
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