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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2007-9
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,410,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING CERTAIN DESIGNATED STREETS IN THE
<br />CITY, IN COOPERATION WITH THE DIRECTOR OF
<br />TRANSPORTATION OF THE STATE OF OHIO AND
<br />CUYAHOGA COUNTY AND OTHERWISE, BY GRADING,
<br />DRAINING, CONSTRUCTING, RECONSTRUCTING AND
<br />REHABILITATING THE PAVEMENT BASE, CURBS AND
<br />SIDEWALKS AND ADJUSTING, REHABILITATING AND
<br />RECONSTRUCTING CATCH BASINS, MANHOLES AND
<br />WATER VALVE BOXES, WHERE NECESSARY,
<br />PREPARING THE SURFACE AND SURFACING AND
<br />RESURFACING, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />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 fifteen 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 />$1,410,000 (the Bonds) for the purpose of improving (i) Andrus Avenue, Burns Road, Defoe
<br />Drive, Kennedy Ridge Extension, Lebern Drive, Lucydale Avenue, Maple Ridge Road, Michael
<br />Avenue, Porter Road, Ranchview Avenue, West Ranchview Avenue, Shelley Drive, Timber
<br />Cove Lane, Wedgewood Drive and Whitethorn Avenue between certain termini by
<br />reconstructing and rehabilitating the pavement base, curbs, curb ramps and sidewalks a.nd
<br />adjusting catch basins, manholes and water valve boxes, where necessary, preparing the surface
<br />and resurfacing and (ii) Great Northern Boulevard (State Route 252) between certain termini, in
<br />cooperation with the Director of Transportation of the State of Ohio and Cuyahoga County, by
<br />grading, draining, constructing, reconstructing and rehabilitating the pavement base, catch
<br />basins, curbs and sidewalks, where necessary, and paving, in each case together with the
<br />necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately March l, 2008, 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
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