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<br />in cooperation with Cuyahoga County and the Director of Transportation of the State of Ohio, by
<br />grading, draining, curbing, reconstnzcting the pavement base, surfacing and installing traffic
<br />signalization; improving Weshninster Drive, Wellington Drive, Warrington Drive, Huntington
<br />Drive, Mitchell Drive, Brookpark Road Extension, Tudor Drive, Devon Drive, Blossom Boulevard,
<br />Edgepark Boulevard, Woodpath Drive, Sanders Lane, Marquette Boulevard, Pine Circle, Laurel
<br />Lane, Lisa Lane, Lusandra Circle, Mary Kay Circle, Marcie Lane and Brendan Lane by
<br />reconstructing sections of the pavement base, where necessary; improving Wellesley Avenue,
<br />Brookpazk Road, Broxbourne Road, Whitehaven Avenue and North Barton Road between certain
<br />termini by preparing the surface and resurfacing; improving Vincent Drive, Magnolia Drive, Spruce
<br />Drive, Byron Drive, Tennyson Drive, Fielding Drive, Keats Drive, Shelley Drive, Dryden Drive,
<br />Lydgate Drive and Defoe Drive by installing street lighting and underground wiring; and improving
<br />Great Northern Boulevard by constructing sidewalks from Countty Club Boulevard to the I-480
<br />East exit; in each case together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately September 1, 2000, shall beaz
<br />interest at the now estimated rate of 5'/Z% per yeaz, payable semiannually until the principal amount
<br />is paid, and are estimated to mature in ten annual principal installments that are substantially equal.
<br />The first principal installment is estimated to be payable on December l, 2001.
<br />Section 3. It is necessary to issue and this Council determines that notes in a maximum
<br />aggregate principal amount of $809,000 (the Notes) shall be issued in anticipation of the issuance of
<br />the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The
<br />Notes shall be dated the date of their issuance, and shall mature one yeaz from the date of issuance;
<br />provided that the Director of Finance may, if she determines it to be necessary or advisable in
<br />connection with the sale of the Notes, establish a different maturity date that is up to seven days less
<br />than one year from the date of issuance by setting forth that maturity date in the certificate awarding
<br />the Notes in accordance with Section 6 of this ordinance (the Certificate of Awazd). The Notes
<br />shall beaz interest at a rate not to exceed 5%2% per year (computed on the basis of a 360-day yeaz
<br />consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or
<br />payment is provided for. Subject to the limitations set forth herein, the aggregate principal amount
<br />of the Notes issued and the rate of interest on the Notes shall be determined by the Director of
<br />Finance in the Certificate of Awazd.
<br />Section 4. The debt charges on the Notes sha11 be payable in Federal Reserve funds of
<br />the United States of America, without deduction for services of the City's paying agent, at the main
<br />office of National City Bank, Cleveland, Ohio.
<br />Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the
<br />name of the City and in their official capacities, provided that one of those signatures may be a
<br />facsimile. Subject to the provisions of Section 6 of this ordinance, the Notes sha11 be issued in the
<br />denominations and numbers as requested by the Original Purchaser (as defined in Section 6) and
<br />approved by the Director of Finance, provided that the entire principal amount may be represented
<br />by a single note. The Notes may be issued as fully registered securities (for which the Director of
<br />Finance will serve as note registraz) and in book entry or other uncertificated form in accordance
<br />with Section 9.96 and Chapter 133 of the Revised Code, with a single physical note certificate
<br />representing the entire issue (or the consolidated issue into which it is combined with one or more
<br />other note issues of the City in accordance with Section 6), if it is determined by the Director of
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