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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 64
<br />BY: ?
<br />el-
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$480,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF IMPROVING GESSNER ROA,D AND BARTON ROAD
<br />BETWEEN CERTAIN TERMINI BY GRADING, DRAINING, RESURFACING
<br />WITH ASPHALTIC CONCRETE, INSTALLING DRIVEWAY CULVERTS AND
<br />RECONSTRUCTING BERMS AND DRIVEWAY APRONS, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO, AND ELDER DRIVE, MAGNOLIA
<br />DRIVE, SPRUCE DRIVE, ASPEN DRIVE, HOLLY DRIVE, CYPRUS DRIVE
<br />AND MAPLEHURST ROAD BETWEEN CERTAIN TERMINI BY RECONSTRUCT-
<br />ING CURBS, CATCH BASINS AND THE PAVEMENT BASE, WHERE NECES-
<br />SARY, AND RESURFACING WITH ASPHALTIC CONCRETE, TOGETHER
<br />WITH THE 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 matu-
<br />rity of the bonds referred to in Section 1 is twenty years, and the maximum
<br />maturity of the notes referred to in Section 3, to be issued in anticipation
<br />of the bonds, is twenty 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 $480,000 for the purpose of improving Gessner Road
<br />and Barton Road between certain termini by grading, draining, resurfacing with
<br />asphaltic concrete, installing driveway culverts and reconstructing berms and
<br />driveway aprons, together with the necessary appurtenances thereto, and Elder
<br />Drive, Magnolia Drive, Spruce Drive, Aspen Drive, Holly Drive, Cyprus Drive
<br />and Maplehurst Road between certain termini by reconstructing curbs, catch
<br />basins and the pavement base, where necessary, and resurfacing with asphaltic
<br />concrete, together with the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately October 1, 1985,
<br />shall bear interest at the now estimated rate of 9% per annum, payable semi-
<br />annually until the principal amount is paid, and shall mature in ten substan-
<br />tially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $480,000 (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 9% per annum, payable at maturity.
<br />The rate or rates of interest on the Notes shall be determined by the Director
<br />of Finance in the certificate awarding the Notes in accordance with Section 6
<br />of this ordinance.
<br />Section 4. The principal of and interest on the Notes 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 pur-
<br />chaser. The principal of and interest on the Notes shall be payable, without
<br />deduction for services of the City's paying agent, at the main office of
<br />National City Bank, Cleveland, Ohio, or at the principal office of a bank or
<br />trust company requested by the original purchaser of the Notes, provided that
<br />such request shall be approved by the Director of Finance after determining
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