|
Y t
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2000-164
<br />BY: MAYOR MUSIAL AND COUNCILMAN GAREAU
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $300,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IlVIPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY BY
<br />INSTALLING 5TREET LIGHTIlNG AND RELATED
<br />UNDERGROUND WIRING, TOGETHER WITH THE
<br />NECES5ARY 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 the improvement described in Section 1 is
<br />at least five yeazs, the estimated maximum maturity of the Bonds described in Section 1 is thirty
<br />yeaxs, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the Bonds, is twenty yeazs;
<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 />$300,000 (the Bonds) to pay costs of improving Clayton Drive, Beaumont Drive, Nandina Drive,
<br />Kew Drive, Azalea Lane, Camellia Lane, Andorra Drive, Wisteria Drive, Gardenia Drive,
<br />Forestwood Parkway, Cottonwood Trail, Dogwood Trail, Linwood Circle, Driscoll Lane,
<br />Williamstown Drive, Ashbury Park Drive, Carsten Lane, Ross Circle, Caton Place, Hyannis Port
<br />Drive, Leenders Lane, Newton Circle and Dorothy Drive by installing street lighting and related
<br />underground wiring, in each case together with the necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately March 1, 2002, shall bear interest at the
<br />now estimated rate of 6% per year, payable semiannually until the principal amoj4nt is paid, and are
<br />estimated to mature in twenty annual principal installments that are substantially equal. The first
<br />principal installment is estimated to be payable on December 1, 2003.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggegate
<br />principal amount of $300,000 (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
<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 ninety days earlier than one year from the date of issuance. The Notes shall bear
<br />interest at a rate not to exceed 51/z% per year (computed on the basis of a 360-day year consisting of
|