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<br />curbing, reconstructing the pavement base, widening, preparing the surface and paving with
<br />concrete, constructing storm sewers and catch basins, reconstructing driveway aprons, installing
<br />underground and above-ground wires and cables for street lighting, reconstructing water mains,
<br />water service connections, sanitary sewer service connections and sidewalks where necessary,
<br />and reconstructing and rehabilitating sanitary sewers where necessary in Oak Lane; in each case
<br />together with the necessary appurtenances and work incidental thereto, as a part of a
<br />consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B, dated June 24, 1993;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 93-92, passed on July 6, 1993, notes in
<br />anticipation of bonds in the amount of $150,000, dated August 12, 1993 (the 1993B Notes),
<br />were issued for the same purpose for which the 1993A Notes were issued; and
<br />WHEREAS, the 1993A Notes and the 1993B Notes were retired at maturity with
<br />proceeds of $2,400,000 notes issued in anticipation of bonds pursuant to Ordinance No. 94-49,
<br />passed on March 1, 1994, as a part of a consolidated issue of $3,600,000 Various Purpose
<br />Notes, Series 1994B, dated March 24, 1994, which notes were retired at maturity with the
<br />proceeds of $2,400,000 notes (the 1994E Notes and, together with the 1994C Notes,
<br />collectively, the Outstanding 1994 Notes) issued in anticipation of bonds pursuant to Ordinance
<br />No. 94-132, passed on September 20, 1994, as a part of a consolidated issue of $11,755,000
<br />Various Purpose Improvement Notes, Series 1994E, dated October 18, 1994, which 1994E
<br />Notes are 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
<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 improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is 7une 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 $7,660,000 (the Bonds) for the purpose of improving the City's street system by
<br />grading, draining, widening, reconstructing the pavement base, preparmg the surface and
<br />surfacing and resurfacing, constructing, reconstructmg and rehabilitating catch basins, curbs,
<br />driveway aprons, manholes, sanitary sewers and sanitary sewer service connections, sidewalks,
<br />storm sewers and water mains and water service connections, and installing street lighting, all
<br />where necessary, in Cambridge Drive, Christman Drive, Hastings Drive, Stewart Avenue,
<br />Sutton Drive, Birch Lane, Coe Avenue, East Oxford Oval, Esther Avenue, Hawkins Road,
<br />MacBeth Avenue, Noreen Drive, North Oxford Oval, Olmsted Oval, Palm Drive, South Oxford
<br />Oval, Westchester Drive, West Oxford Oval, Oak Lane, Antler Drive, Doe Drive, Hunter
<br />Drive, Bellewe Drive, Berkshire Drive, Croton Drive, David Drive, Devon Drive, Dorothy
<br />Drive, Glouchester Drive, Hampton Drive, Midvale Drive, Northern Avenue, Paisley Drive,
<br />Pompton Drive, Southern Avenue, Tudor Drive, Vincent Drive, Willet Circle, Butternut Ridge
<br />D03: [00523.DOCS.NOR05223]ORD_STREETS_$7.660
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