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"m?WW° Vy?P <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 84- 51 <br />BY: MR. 0'GRADY <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF <br />$205,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, <br />TO PAY COSTS OF IMPROVING LORAIN ROAD (STATE ROUTE 10) <br />BETWLEN CERTAIN TERMINI, IN COOPERATION WITH THE DIRECTOR <br />OF TRANSPORTATION OF THE STATE OF OHIO, BY RESURFACING WITH <br />ASPAALTIC CONCRETE AND RECONSTRUCTING THE PAVEMENT BASE, <br />CURBS AND SIDEWALRS, WHERE NECESSARY, TOGETHER WITH ALL <br />NECESSARY APPURTENANCES THERETO. <br />WHEREAS, the Director of Finance as fiscal officer of this City has <br />certified to this Council that the estimated life or usefulness of the <br />improvement described in Section 1 is at least five years, the maximum <br />maturity of the bonds referred to in Section 1 is twenty years, and the <br />maximum maturity of the notes referred to in Section 3, to be issued in <br />anticipation of the bonds, is ten years, or one year if sold at private sale; <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 (the Bonds) <br />in the principal amount of $205,000 to pay costs of improving Lorain Road <br />(State Route 10) from Brookpark Road (State Route 17) easterly to the easterly <br />corporate line, in cooperation with the Director of Transportation of the <br />State of Ohio, bq resurfacing with asphaltic concrete and reconstructing the <br />pavement base, curbs and sidewalks, where necessary, together with all <br />necessary appurtenances thereto. <br />SECTION 2. The Bonds shall be dated approximately July 1, 1985, <br />shall bear interest at the now estimated rate of 12% per annum, payable semi- <br />annually until the principal amount is paid, and shall mature in twenty <br />substantiallq equal annual installments. <br />SECTION 3. It is necessary to issue and this Council determines that <br />notes in the aggregate principal amount of $205,000 (the Notes) shall be <br />issued in anticipation of the issuance of the Bonds. The Notes shall bear <br />interest at a rate or rates not to exceed 13% per annum, paqable at maturity. <br />If requested by the original purchaser the Notes may provide that, in the <br />event the Citq does not make provision for payment at maturity of the <br />principal of and interest on the Notes, the principal amount of the Notes <br />shall bear interest at a different rate or rates not to exceed 13% per annum <br />from the maturity date until the City makes provision to paq that principal <br />amount. The rate or rates of interest on the Notes shall be determined by the <br />Director of Finance in the certificate awarding the Notes in accordance with <br />Section 6 of this ordinance. <br />SECTION 4. The principal of and interest on the Notea shall be <br />payable in lawful money of the United States of America, or in Federal Reserve <br />funds of the United States of America,if so requested by the original <br />purchaser. The principal of and interest on the Notes shall be payable <br />without deduction for services of the City's paying agent, at the main office <br />of National City Bank, Cleveland, Ohio. The Notes shall be dated the date of <br />issuance, and shall mature one year from the date of issuance.