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CITY OF NORTH OLMSTED ORDINANCE NO. 99-90 BY: COUNCILMAN TTiOMAS 01 GRADY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $420,000, IN ANTICII'ATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY'S SANITARY SEWERAGE SYSTEM BY CONSTRUCTING SANTTARY SEWERS, FORCE MAINS AND PUMPING FACILITIES AND BY CONSTRUCTING AND RECONSTRUCTING STORM SEWERS AND OTHER STORM WATER DRAINAGE FACILITIES AND IMPROVEMENTS TO CONTROL AND LIMIT THE VOLUME OF STORM WATER ENTERING OR OTHERWISE AFFECTING THE SANITARY SEWERAGE SYSTEM, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 98-47 passed on May 19, 1998, as amended by Ordinance No. 98-78 passed July 4, 1998, notes in anticipation of bonds in the amount of $450,000 (the Outstanding Notes) were issued for the improvement described in Section 1, as part of a consolidated issue of $2,675,000 Various Purpose Improvement Notes, Series 1998-2, dated September 24, 1998, which Outstanding Notes aze to mature on September 23, 1999; and WHEREAS, this Council fmds and determines that the City should issue the notes described in Section 3 to provide the amount necessary, together with other funds available to the City, to retire the Outstanding Notes; and WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is foriy yeazs, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is September 24, 2018; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $420,000 (the Bonds) for the purpose of improving the City's sanitary sewerage system by constructing sanitary sewers, force mains and pumping facilities and by constructing and reconstructing storm sewers and other storm water drainage facilities and improvements to control and limit the volume of storm water entering or otherwise affecting the sanitary sewerage system, in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds sha11 be dated approximately September 1, 2000, shall bear interest at the now estimated rate of 5%z% per year, payable semiannually until the principal amount ?ar,?r ?.? ?,.? ?r.???•?? ,, .