|
Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$1,270,000 (the Bonds) to pay costs of (i) improving Clague Road from a point approximately
<br />1,000 feet north of Lorain Road southerly to a point approximately 1,500 feet south of Lorain Road
<br />and Lorain Road from a point approximately 500 feet west of Clague Road easterly to a point
<br />approximately 500 feet east of Clague Road by grading, draining, widening, preparing the surface,
<br />surfacing and resurfacing, constructing and reconstructing sections of the pavement base, curbs,
<br />gutters, catch basins, sidewalks and driveway approaches, where necessary, and installing traffic
<br />signs and signalization; (ii) improving Lorain Road from the westerly corporation line easterly to
<br />Canterbury Road, in cooperation with the Ohio Department of Transportation and otherwise, by
<br />preparing the surface, resurfacing and reconstructing curbs, gutters, catch basins, sidewalks and
<br />driveway approaches, where necessary; (iii) improving Andorra Drive, Azalea Lane, Benwood
<br />Circle, Brendan Lane, Bristol Lane, Camellia Lane, Chapel Hill Drive, Cottonwood Trail, Country
<br />Club Boulevard, Darby Lane, Dogwood Trail, Edgepark Drive, Fairfax Lane, Forestwood Parkway,
<br />Gardenia Drive, Great Northern Boulevard, Kew Drive, Kingston Circle, Laurell Lane, Linwood
<br />Circle, Lisa Lane, Lusandra Circle, Marcie Lane, Marquette Boulevard, Mary Kay Circle, Nandina
<br />Drive, Newton Circle, Oring Drive, Park Place, Pine Circle, Sudbury Drive, Sweetbriar Drive,
<br />Timber Cove Lane, Waterbury Circle, Westview Drive, Winton Park Drive and Wisteria Drive by
<br />replacing sections of pavement, where necessary; and (iv) improving the intersection of Dover
<br />Center Road, Driscoll Lane and Cottonwood Trail by installing traffic signs and a signalization
<br />system; in each case together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately May 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 ten annual principal installments that are substantially equal. The first
<br />principal installment on the Bonds is estimated to be payable on December 1, 2007, and the first
<br />interest installment 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 $1,270,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The
<br />Notes shall be dated the date of their issuance, and shall mature one year from the date of their
<br />issuance; provided that the Director of Finance may, if she determines it to be necessary or
<br />advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in
<br />accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes
<br />that is up to sixty days earlier than one year from the date of issuance. The Notes shall bear interest
<br />at a rate not to exceed 5% per year (computed on the basis of a 360 -day year consisting of twelve
<br />30 -day months), payable at maturity and until the principal amount is paid or payment is provided
<br />for. The rate of interest on the Notes shall be determined by the Director of Finance in the
<br />Certificate of Award.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the
<br />United States of America, without deduction for services of the City's paying agent, at the
<br />designated office of U.S. Bank National Association, Cleveland, Ohio, or at the designated office of
<br />a bank or trust company requested by the original purchaser of the Notes, provided that such request
<br />shall be approved by the Director of Finance after determining that the payment at that bank or trust
<br />-2-
<br />
|