|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2004- 33
<br />BI': COUNCIL MIIKBER KASLER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,370,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH THE OHIO DEPARTMENT OF
<br />TRANSPORTATION AND OTHERWISE, BY GRADING,
<br />DRAINING, WIDENING, REPLACING SECTIONS OF
<br />PAVEMENT, PREPARING THE SURFACE, SURFACING AND
<br />RESURFACING, CONSTRUCTING AND RECONSTRUCTING
<br />SECTIONS OF THE PAVEMENT BASE, CURBS, GUTTERS,
<br />CATCH BASINS, SIDEWALKS AND DRIVEWAY
<br />APPROACHES AND INSTALLING TRAFFIC SIGNS,
<br />SIGNALIZATION AND SIGNALIZATION SYSTEMS, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2002-54 passed on April 30, 2002, notes in
<br />anticipation of bonds in the amount of $1,375,000 were issued for the improvements described in
<br />Section l, as a part of a consolidated issue of $1,665,000 Capital Improvement Notes, Series 2002,
<br />dated June 18, 2002, which notes were retired at maturity with funds available to the City and the
<br />proceeds of $1,375,000 notes (the Outstanding Notes), issued in anticipation of bonds pursuant to
<br />Ordinance No. 2003-52 passed on May 7, 2003, as a part of a consolidated issue of $2,195,000
<br />Capital Improvement Notes, Series 2003, dated June 18, 2003, which Outstanding Notes are to
<br />mature on June 17, 2004; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<br />WHEREAS, the Directar 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 ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 18, 2017;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section l. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$1,370,000 (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
|