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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2003-52
<br />BY: Mayor Musial
<br />? ,.
<br />AN ORDINANCE PRO'VIDING FOR THE ISSUANCE AND
<br />SALE OF $1,375,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IlVIPROVIlNG
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH THE OffiO DEPARTMENT OF
<br />TRANSPORTATION AND OTHERWISE, BY GRADING,
<br />DRAINING, WIDENIlNG, REPLACING SECTIONS OF
<br />PAVEMENT, PREPARING THE SURFACE, SURFACIING AND
<br />RESURFACIING, CONSTRUCTING AND RECONSTRUCTIING
<br />SECTIONS OF THE PAVEMENT BASE, CURBS, GUITERS,
<br />CATCH BASINS, SIDEWALKS AND DRIVEWAY
<br />APPROAC'HES AND INSTALLING TRAFFIC SIGNS,
<br />SIGNALIZATION AND SIGNALIZATION SYSTEMS, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuarrt to Ordinance No. 2002-54 passed on April 30, 2002, notes in
<br />anticipation of bonds in the amount of $1,375,000 (the Outstanding Notes) were issued for the
<br />improvements described in Section 1, as a part of a consolidated issue of $1,665,000 Capital
<br />Improvement Notes, Series 2002, dated June 18, 2002, which Outstanding Notes aze to mature on
<br />June 18, 2003; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />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 each class of the improvemeirts described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is at least ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 18, 2017;
<br />NOW, THEREFORE, BE IT ORDAIlVED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$1,375,000 (the Bonds) to pay costs of (i) improving Clague Road from a point approximately
<br />1,000 feet north of Lora,in Road southerly to a point approximately 1,500 feet south of I,flrain Road
<br />and Lorain Road from a poitrt approximately 500 feet west of Clague Road easterly to a point
<br />approximately 500 feet east of Clague Road by grading, draining, widening preparing the surface,
<br />surfacing and resurfacing, constructing and reconstructing sections of the pavement base, curbs,
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