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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-79
<br />BY: Councilmember Lind
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<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $245,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S PARK AND RECREATIONAL FACILITIES BY
<br />ACQUIRING AND INSTALLING HEATING, VENTILATING
<br />AND AIR CONDITIONING EQUIPMENT FOR THE
<br />COMMUNITY CABIN; BY RESURFACING WITH A5PHALT
<br />AND CURBING, AND ACQUIRING AND INSTALLING
<br />STREET LIGHTING FOR, THE RECREATION CENTER
<br />PARKING LOT AND THE DRIVEWAY FROM LORAIN ROAD
<br />TO THAT PARKING LOT; BY RECONSTRUCTING AND
<br />PAVING WITH CONCRETE THE EXISTING WALKWAY
<br />FROM LORAIN ROAD TO THE RECREATION CENTER;
<br />AND BY DRAINING AND LANDSCAPING THE
<br />RECREATION CENTER SITE, ALL TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-57, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $245,000 were issued for the purpose described in Section
<br />1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B, dated
<br />June 24, 1993, which notes were retired at maturity with the proceeds of $245,000 notes issued
<br />in anticipation of bonds pursuant to Ordinance No. 94-52, passed on March 1, 1994, as a part
<br />of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B, dated March 23,
<br />1994, which notes were retired at maturity with the proceeds of $245,000 notes (the 1994 Notes)
<br />issued in anticipation of bonds pursuant to Ordinance No. 94-138, passed on September 20,
<br />1994, as a part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes,
<br />Series 1994E, dated October 18, 1994, which 1994 Notes are to mature on July 20, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />Notes with the proceeds of the Notes described in Section 3; 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 improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is fifteen years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section l. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $245,000 (the Bonds) for the purpose of improving the City's park and recreational
<br />facilities by acquiring and installing heating, ventilating and air conditiomng equipment for the
<br />Community Cabin; by resurfacing with asphalt and curbing, and acquiring and installing street
<br />lighting for, the Recreation Center parking lot and the driveway from Lorain Road to that
<br />D03:[00523.DOCS.NOR05223]ORD PARK REC 245.
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