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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 99-94
<br />BY: COUNCILMAN 7.Ti0MAS 0' GRADY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $809,000, IN ANTICII'ATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH CUYAHOGA COUNTY AND THE
<br />DIRECTOR OF TRANSPORTATION OF THE STATE OF
<br />OHIO AND OTHERWISE, BY GRADING, DRAINING,
<br />CURBING, RECONSTRUCTING TAE PAVEMENT BASE,
<br />REPLACING CULVERTS, PREPARING THE SURFACE,
<br />SURFACING AND RESURFACING AND INSTALLING
<br />STREET LIGHTING, TRAFFIC SIGNALIZATION AND
<br />RELATED UNDERGROUND WIRING, IN EACH CASE
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />AND WORK INCIDENTAL THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 98-45 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-79 passed July 4, 1998, notes in anticipation of bonds in the amount of $843,000
<br />(the Outstanding Notes) were issued for the improvements described in Section 1, as part of a
<br />consolidated issue of $2,675,000 Various Purpose Improvement Notes, Series 1998-2, dated
<br />September 24, 1998, which Outstanding Notes are to mature on September 23, 1999; and
<br />WHEREAS, this Council fmds and determines that the City should issue the notes
<br />described in Section 3 to provide the amount necessary, together with other funds available to the
<br />City, to retire the Outstanding Notes; and
<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 usefiilness of each class of the improvements described
<br />in Section 1 is at least five yeazs, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is September 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal
<br />amount of $809,000 (the Bonds) for the purpose of improving Brookpark Road from Lorain Road
<br />to Great Northern Boulevard by grading, draining, widening, constructing and reconstructing curbs
<br />and surfacing and resurfacing; improving North Barton Road from Lorain Road to the northerly
<br />corporate limits, in cooperation with Cuyahoga County, by resurfacing and replacing culverts,
<br />where necessary; improving Cedar Point Road from Columbia Road to the easterly corporate limits,
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