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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 86- 47
<br />BY :
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$100,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />TO PAY COSTS OF IMPROVING LORAIN ROAD (STATE ROUTE 10)
<br />BETWEEN CERTAIN TERMINI, IN COOPERATION WITH THE DIRECTOR
<br />OF TRANSPORTATION OF THE STATE OF OHIO, BY RESURFACING WITH
<br />ASPHALTIC CONCRETE AND RECONSTRUCTING THE PAVEMENT BASE,
<br />CURBS AND SIDEWALRS, WHERE NECESSARY, TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 84-51 passed June 13, 1984, notes
<br />in anticipation of bonds in the amount of $205,000, dated July 17, 1984, were
<br />issued for the purpose stated in Section 1, which notes were retired at
<br />maturity with funds available to the City and the proceeds of $120,000 notes
<br />dated July 17, 1985, issued in anticipation of bonds pursuant to Ordinance No.
<br />85-63, passed June 5, 1985, which notes are to mature on July 17, 1986; and
<br />WHEREAS, this Council finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes described in Section 3 and other funds available to the
<br />City; 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 im-
<br />provement described in Section 1 is at least five years, the maximum maturity
<br />of the bonds referred to in Section 1 is twenty years, and the maximum matur-
<br />ity of the notes referred to in Section 3, to be issued in anticipation of the
<br />bonds, is July 17, 2004, 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 $100,000 to pay costs of improving Lorain Road
<br />(State Route 10) from Brook Park Road (State Route 17) easterly to the easter-
<br />ly corporate line, in cooperation with the Director of Transportation of the
<br />State of Ohio, by resurfacing with asphaltic concrete and reconstructing the
<br />pavement base, curbs and sidewalks, where necessary, together with all neces-
<br />sary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1987,
<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 twenty
<br />substantially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $100,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire, together
<br />with other funds available to the City, the outstanding notes dated July 17,
<br />1985. The Notes shall bear interest at a rate or rates not to exceed 7% per
<br />annum, payable at maturity. The rate or rates of interest on the Notes shall
<br />be determined by the Director of Finance in the certificate awarding the Notes
<br />in accordance with Section 6 of this ordinance.
<br />Section 4. The principal of and interest on the Notes shall be pay-
<br />able 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 PTotes shall be payable, without
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