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<br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 88-91 <br />BY: Ronald Wilamosky <br />AN ORDINANCE TO ESTABLISH WITHIN THE SPECIAL <br />ASSESSMENT FUND GROUP A"NORTH OLMSTED <br />INDUSTRIAL PARKWAY FUND" OF THE CITY OF NORTH <br />OLMSTED FOR THE SALE PROCEEDS OF THE NOTES TO BE <br />ISSUED BY THE CITY FOR THE IMPROVEMENT OF NORTH <br />OLMSTED INDUSTRIAL PARKWAY, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, this Council has authorized the issuance and sale of up to <br />$1,360,000 of notes (the Notes) in anticipation of the issuance of bonds and <br />the levy and collection of special assessments, to pay costs of improving <br />North Olmsted Industrial Parkway between certain termini by grading, draining, <br />curbing, paving and constructing, draining, curbing, paving and constructing a <br />water main and storm and sanitary sewers, together with the necessary <br />appurtenances; and <br />WHEREAS, this Council has determined accordingly that it is necessary <br />to establish within the Special Assessment Fund Group a"North Olmsted <br />Industrial Parkway Fund" in order to provide for the application and <br />disbursement of the proceeds from the sale of the Notes, except premium and <br />accrued interest, if any, which shall be paid into the City's bond retirement <br />fund; <br />NOW THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio, that: <br />Section 1. There is hereby established and created, within the <br />Special Assessment Fund Group, the North Olmsted Industrial Parkway Fund of <br />the City of North Olmsted as a special fund for the application and <br />disbursement of the proceeds from the sale of the Notes, except premium and <br />accrued interest, if any, which shall be paid into the City's bond retirement <br />fund. Such proceeds from the sale of the Notes shall be deposited in the <br />North Olmsted Industrial Parkway Fund and used, together with any interest <br />earnings thereon, to pay costs of improving North Olmsted Industrial Parkway <br />by grading, draining, curbing, paving and installing a water main and storm <br />and sanitary sewers, together with the necessary appurtenances, between <br />certain termini and in the manner provided in Resolution No. 88-68, adopted <br />June 21, 1988. Any profit or loss realized or interest earned from the <br />investment of the North Olmsted Industrial Parkway Fund shall be credited <br />thereto. <br />Section 2. The Director of Finance is hereby authorized and directed <br />to take all further actions necessary in connection with the establishment and <br />creation of such Fund and to file a certified copy of this ordinance with the <br />Auditor of State and the County Auditor of Cuyahoga County, Ohio. <br />Seciion 3. it is found and determined that all formal actions of <br />this Council concerning and relating to the passage of this ordinance were <br />taken in an open meeting of this Council, and that all deliberations of this <br />Council and of any of its committees that resulted in such formal action were <br />in meetings open to the public in compliance with the law.