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<br />gutters, catch basins, sidewalks and driveway approaches, where necessary, and installing traffic
<br />signs and signalization; (ii) improving Lorain Road from the westerly corporation line easterly to
<br />Canterbury Road, in cooperation with the Ohio Departmem of Transportation and otherwise, by
<br />preparing the surface, resurfacing and reconstructing curbs, gutters, catch basins, sidewalks and
<br />driveway approaches, where necessary; (iii) improving Andorra Drive, Azalea Lane, Benwood
<br />Circle, Brendan Lane, Bristol Lane, Camellia Lane, Chapel Hilt Drive, Cottonwood Trail, Countiy
<br />Club Boulevard, Darby Lane, Dogwood Trail, Edgepark Drive, Fairfax Lane, Forestwood Parkway,
<br />Gardenia Drive, Great Northern Boulevard, Kew Drive, Kingston Circle, Laurell Lane, Linwood
<br />Circle, Lisa Lane, Lusandra Circle, Marcie Lane, Marquette Boulevard, Mary Kay Circle, Nandina
<br />Drive, Newton Circle, Oring Drive, Park Place, Pine Circle, Sudbury Drive, Sweetbriar Drive,
<br />Timber Cove Lane, Waterbury Circle, Westview Drive, Winton Pazk Drive and Wisteria Drive by
<br />replacing sections of pavement, where necessary; and (iv) improving the intersection of Dover
<br />Cerrter Road, Driscoll Lane and Cottonwood Trail by installing traffic signs and a signalization
<br />system; in each case together with the necessa.ry appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately June 1, 2004, shall bear urterest at the
<br />now estimated rate of 40/o per yeaz, payable semiannually until the principal amourn is paid, and are
<br />estimated to ma.ture in ten annual principal installmetrts that are substantially equal. The first
<br />principal installment on the Bonds is estimated to be payable on December l, 2005, and the first
<br />interest installmerrt is estimated to be payable on December 1, 2004.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $1,375,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />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 year from the date of their
<br />issuance; provided that the Director of Finance may, if she determines it to be necessary or
<br />advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in
<br />accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes
<br />that is up to ninety days earlier than one yeaz from the date of issuance. The Notes shall beaz
<br />interest at a ra.te not to exceed 41/20/o per year (computed on the basis of a 360-day year consisting
<br />of twelve 30-day months), payable at maturity and until the principal amouirt is paid or payment is
<br />provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the
<br />Certificate of Award.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the
<br />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 name of
<br />the City and in their official capacrties, provided that one of those signatures may be a facsimile.
<br />Subject to the provisions of Section 6 of this ordinance, the Notes shall be issued in the
<br />denominations and numbers as requested by the original pwchaser and approved by the Director of
<br />Finance, provided that the entire principal amount may be represerrted by a single note. The Notes
<br />may be issued as fully registered securrties (for which the Director of Finance will serve as note
<br />registrar) and in book eYrtry or other uncertificated form in accordance wrth Section 9.96 and
<br />Chapter 133 ofthe Revised Code, with a single physical note certificate represerrting the entire issue
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