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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 80
<br />BY: '
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $480,000 BONDS FOR THE PURPOSE OF IMPROVING
<br />GESSNER ROAD AND BARTON ROAD BETWEEN CERTAIN
<br />TERMINI BY GRADING, DRAINING, RESURFACING WITH
<br />ASPHALTIC CONCRETE, INSTALLING DRIVEWAY CULVERTS
<br />AND RECONSTRUCTING BERMS AND DRIVEWAY APRONS,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES THERE-
<br />T0, AND ELDER DRIVE, MAGNOLIA DRIVE, SPRUCE
<br />DRIVE, ASPEN DRIVE, HOLLY DRIVE, CYPRUS DRIVE AND
<br />MAPLEHURST ROAD BETWEEN CERTAIN TERMINI BY RECON-
<br />STRUCTING CURBS, CATCH BASINS AND THE PAVEMENT
<br />BASE, WHERE NECESSARY, AND RESURFACING WITH
<br />ASPHALTIC CONCRETE, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, AND DECLARING AN EMER-
<br />GENCY.
<br />WHEREAS, pursuant to Ordinance No. 85-64 passed June 5, 1985, notes
<br />in anticipation of bonds in the amount of $480,000, dated July 9, 1985, were
<br />issued for the purpose stated in Section 1, to mature on November 11, 1985;
<br />and
<br />WHEREAS, this Council finds and determines it to be in the best in-
<br />terest of the City to retire at maturity the outstanding notes with the pro-
<br />ceeds of the bonds described in Section 1; and
<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 and the maximum
<br />maturity of the bonds referred to in Section 1 is twenty years;
<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 aggregate principal amount of $480,000 for the purpose of improving
<br />Gessner Road and Barton Road between certain termini by grading, draining,
<br />resurfacing with asphaltic concrete, installing driveway culverts and
<br />reconstructing berms and driveway aprons, together with the necessary ap-
<br />purtenances thereto, and Elder Drive, Magnolia Drive, Spruce Drive, Aspen
<br />Drive, Holly Drive, Cyprus Drive and Maplehurst Road between certain termini
<br />by reconstructing curbs, catch basins and the pavement base, where necessary,
<br />and resurfacing with asphaltic concrete, together with the necessary
<br />appurtenances thereto.
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered Bonds registered as to both principal and interest, in the denomi-
<br />nations of $5,000 or any integral multiple thereof but not exceeding the prin-
<br />cipal amount of the Bonds maturing on any one date; and shall be dated as of
<br />October 1, 1985.
<br />The Bonds shall bear interest at the rate of 10% per annum, payable
<br />on June 1 and December 1 of each year (the Interest Payment Dates), commencing
<br />December 1, 1985, until the principal amount has been paid or provided for.
<br />However, if the Bonds are sold bearing a different rate of interest than
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