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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2000-86
<br />BY: Councilmember McKa?j
<br />
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $920,000 FOR
<br />THE PURPOSE OF IMPROVING THE CITY'S SANITARY SEWERAGE
<br />SYSTEM BY CONSTRUCTING SANITARY SEWERS, FORCE MAINS AND
<br />PUMPING FACILITIES AND BY CONSTRUCTING AND
<br />RECONSTRUCTING STORM SEWERS AND OTHER STORM WATER
<br />DRAINAGE FACILITIES AND IMPROVEMENTS TO CONTROL AND LIMTT
<br />THE VOLUME OF STORM WATER ENTERING OR OTHERWISE
<br />AFFECTING THE SANTTARY SEWERAGE SYSTEM, IN EACH CASE
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 98-47 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-78 passed July 4, 1998, notes in anticipation of bonds in the amount of $450,000
<br />were issued for the purpose of improving the City's sanitary sewerage system by constructing
<br />sanitary sewers, force mains and pumping facilities and by constructing and reconstructing storm
<br />sewers and other storm water drainage facilities and improvements to control and limit the volume of
<br />storm water entering or otherwise affecting the sanitary sewerage system, in each case together with
<br />the necessary appurtenances and work incidental thereto, as part of a consolidated issue of
<br />$2,675,000 Various Purpose Improvement Notes, Series 1998-2, dated September 24, 1998, which
<br />notes were retired at maturity with funds available to the City and the proceeds of $420,000 notes (the
<br />Outstanding Series A Notes) issued pursuant to Ordinance No. 99-90 passed on September 7, 1999,
<br />as part of a consolidated issue of $4,915,000 Various Purpose Improvement Notes, Series 1999-2,
<br />dated September 23, 1999, which Outstanding Series A Notes are to mature on September 21, 2000;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 99-23 passed on March 16, 1999, notes in
<br />anticipation of bonds in the amount of $500,000 were issued for the purpose of improving the City's
<br />sanitary sewerage system by constructing and reconstructing storm sewers and other storm water
<br />drainage facilities and improvements to control and limit the volume of storm water entering or
<br />otherwise affecting the sanitary sewerage system, in each case together with the necessary
<br />appurtenances and work incidental thereto, as part of a consolidated issue of $2,050,000 Various
<br />Purpose Improvement Notes, Second Series, dated June 8, 1999, which notes were retired at maturity
<br />with funds available to the City and the proceeds of $500,000 notes (the Outstanding Series B Notes)
<br />issued pursuant to Ordinance No. 99-89 passed on September 7, 1999, as part of a consolidated issue
<br />of $4,915,000 Various Purpose Improvement Notes, Series 1999-2, dated September 23,1999, which
<br />Outstanding Series B Notes are to mature on September 21, 2000; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Series A Notes and the Outstanding
<br />Series B Notes; and
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