Laserfiche WebLink
?... <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 99-89 <br />BY: COUNCILMAN 'I[iOMAS 0' GR.ADY <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND <br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCII'AL <br />AMOUNT OF $500,000, IN ANTICIPATION OF THE <br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING <br />THE CITY'S SANITARY SEWERAGE SYSTEM BY <br />CONSTRUCTING AND RECONSTRUCTING STORM <br />SEWERS AND OTHER STORM WATER DRAINAGE <br />FACILTTIES AND IMPROVEMENTS TO CONTROL AND <br />LIMIT THE VOLUME OF STORM WATER ENTERING OR <br />OTHERWISE AFFECTING THE SANITARY SEWERAGE <br />SYSTEM, IN EACH CASE TOGETHER WITH THE <br />NECESSARY APPURTENANCES AND WORK INCIDENTAL <br />THERETO, AND DECLARING AN EMERGENCY. <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 (the Outstanding Notes) were issued for the <br />improvement described in Section 1, as part of a consolidated issue of $2,050,000 Various Purpose <br />Improvement Notes, Second Series, dated June 8, 1999, which Outstanding Notes are to mature on <br />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 usefulness of the improvement described in Section 1 is <br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is forty <br />years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of <br />the Bonds, is June 8, 2019; <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 $500,000 (the Bonds) for the purpose of improving the City's sanitary sewerage system <br />by constructing and reconstiucting storm sewers and other storm water drainage facilities and <br />improvements to control and limit the volume of storm water entering or otherwise affecting the <br />sanitary sewerage system, in each case together with the necessary appurtenances and work <br />incidental thereto. <br />