|
<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2002r54
<br />BY: Councilman McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAIUMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $1,375,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IlVIPROVIlNG
<br />CERTAIN DESIGNATED STREETS IN THE CTTY, IN
<br />COOPERATION W1TH THE OffiO DEPARTMENT OF
<br />TRANSPORTATION AND OTHERWTSE, BY GRADING,
<br />DRAINING, WIDENIING, REPLACIING 5ECTIONS OF
<br />PAVEMENT, PREPARING THE SURFACE, SURFACING AND
<br />RESURFACING, CONSTRUCTING AND RECONSTRUCTIING
<br />SECTIONS OF THE PAVEMENT BASE, CURBS, GUTTERS,
<br />CATCH BASINS, SIDEWALKS AND DRIVEWAY
<br />APPROACHES AND INSTALLING TRAFFIC SIGNS,
<br />SIGNALIZATION AND SIGNALTZATION SYSTEMS, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK llNCIDENTAL
<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 improvemerns 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 arnicipation of the Bonds, is fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga Courny, Ohio, tha.t:
<br />Section 1. It is necessary to issue bonds of this City in a rnaximum aggregate principal
<br />amourrt of $1,315,000 (the Bonds) to pay costs of (i) improving Clague Road from a poirn
<br />approximately 1,000 feet north of Lorain Road southerly to a pourt approximately 1,500 feet south
<br />of Lorain Road and Lorain Road from a point approximately 500 feet west of Clague Road easterly
<br />to a poirn approximately 500 feet east of Clague Road by grading, draining, widening, preparing the
<br />surface, surfacing and resufacing, constructmg and reconstructing sections of the pavemern base,
<br />curbs, gutters, catch basins, sidewalks and driveway approaches, where necessary, and installing
<br />traffic signs and signalization; (ii) improving Lorain Road from the westerly corporation line
<br />eascerly to carne,bury Road, in cooperation with the Ohio Department o£ Transportation and
<br />otherwise, by preparing the surface, reswfacing and reconstructing cwbs, gutters, catch basins,
<br />sidewalks and driveway approaches, where necessary; (iii) improving Andorra Ihive, Azalea Lane,
<br />Benwood Circle, Brendan Lane, Bristoi Lane, Camellia Lane, Chapel Hill Drive, Cottonwood Trail,
<br />Cournry Club Boulevazd, Dazby Lane, Dogwood Trail, Edgepark Drive, Fairfax Lane, Forestwood
<br />Parkway, Gardenia Drive, Great Northern Boulevard, Kew Drive, Kingston Circle, Laurell Lane,
<br />Linwood Circle, Lisa Lane, Lusandra Circle, Marcie Lane, Mazquette Boulevazd, Mary Kay Circle,
|