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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-78
<br />BY: Councilmember Lind
<br />?
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $250,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S STORM WATER DRAINAGE SYSTEM BY
<br />REHABILITATING AND IMPROVING AN EXISTING STORM
<br />WATER CULVERT LOCATED UNDER SOUTH BARTON
<br />ROAD APPROXIMATELY 1,700 FEET SOUTH OF LORAIN
<br />ROAD, RELATED UNDERGROUND STORM WATER
<br />RETENTION BASINS AND RELATED OPEN STORM WATER
<br />DRAINAGE DITCHES AND ACQUIRING INTERESTS IN
<br />REAL ESTATE THEREFOR, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-58, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $500,000 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 $500,000 notes issued
<br />in anticipation of bonds pursuant to Ordinance No. 94-50, 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 $500,000 notes (the Outstanding
<br />1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-135, pa.ssed on
<br />September 20, 1994, as a part of a consolidated issue of $11,755,000 Various Purpose
<br />Improvement Notes, Series 1994E, dated October 18, 1994, which Outstanding 1994 Notes are
<br />to mature on July 20, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding 1994 Notes with the proceeds of the Notes described in Section 3 and other funds
<br />available to the City; 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 thirty 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 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $250,000 (the Bonds) for the purpose of improving the City's storm water drainage
<br />system by rehabilitating and improving an existing storm water culvert located under South
<br />Barton Road approximately 1,700 feet south of Loram Road, related underground storm water
<br />retention basins and related open storm water drainage ditches and acquiring interests in real
<br />estate therefor, together with the necessary appurtenances and work incidental thereto.
<br />D03:[00523.DOCSNOR05223]ORD_STORM WATER 500.
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