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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 88- 59
<br />BY: Mr WilamoskX
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $90,000 NOTES, IN ANTICIPATION OF THE ISSUANCE
<br />OF BONDS, TO PAY COSTS OF IMPROVING LORAIN ROAD
<br />(STATE ROUTE 10) BETWEEN CERTAIN TERMINI IN
<br />COOPERATION WITH THE DIRECTOR OF TRANSPORTATION OF
<br />THE STATE OF OHIO, BY RESURFACING WITH ASPHALTIC
<br />CONCRETE AND RECONSTRUCTING THE PAVEMENT BASE,
<br />CURBS AND SIDEWALKS, WHERE NECESSARY, TOGETHER
<br />WITH ALL NECESSARY APPURTENANCES THERETO, AND
<br />DECLARING AN 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 were retired at maturity with funds
<br />available to the City and the proceeds of $100,000 notes dated July 17, 1986,
<br />issued in anticipation of bonds pursuant to Ordinance No. 86-47, passed June
<br />17, 1986, which notes were retired at maturity with funds available to the
<br />City and the proceeds of $90,000 notes dated July 16, 1987, issued in
<br />anticipation of bonds pursuant to Ordinance No. 87-49, passed June 16, 1987,
<br />which notes are to mature on July 14, 1988; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the outstanding notes with the proceeds of the Notes described in
<br />Section 3; 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, the maximum
<br />maturity of the bonds described in Section 1 is twenty years, and the maximum
<br />maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the 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 in the aggre-
<br />gate principal amount of $90,000 (the Bonds) to pay costs of improving Lorain
<br />Road (State Route 10) between certain termini in cooperation with the Director
<br />of Transportation of the State of Ohio, by resurfacing with asphaltic concrete
<br />and reconstructing the pavement base, curbs and sidewalks, where necessary,
<br />together with all necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1989,
<br />shall bear interest at the now estimated rate of 9% per year, 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 $90,000 (the Notes) shall be issued
<br />in anticipation of the issuance of the Bonds and to retire the outstanding
<br />notes dated July 16, 1987. The Notes shall bear interest at a rate or rates
<br />not to exceed 7% per year (computed on a 360-day per year basis), payable at
<br />maturity and until the principal amount is paid or payment is provided for.
<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.
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