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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91-167
<br />BY: COUNCIL MEMBER TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A
<br />$100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING THE CITY'S STREET
<br />SYSTEM BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND
<br />OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE
<br />FLOW OF VEHICULAR AND PEDESTRIAN TRAFFIC, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-53, passed July 6, 1989, notes
<br />in anticipation of bonds in the amount of $180,000, dated August 10, 1989,
<br />were 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 a $100,000 note
<br />dated June 5, 1990, issued in anticipation of bonds pursuant to Ordinance No.
<br />90-61, passed May 15, 1990, which note was retired at maturity with the
<br />proceeds of a $100,000 note dated March 5, 1991, issued in anticipation of
<br />bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-24,
<br />passed February 6, 1991 (the 1991 Note), which 1991 Note is to mature on
<br />December 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1991 Note with the proceeds of the Note described in Section 3; and
<br />WHEREAS, the Director of Finance as
<br />certified to this Council that the estimated
<br />the improvement described in Section 1 is at
<br />maximum maturity of the Bonds described in
<br />maximum maturity of the Note described in
<br />anticipation of the Bonds, is August 10, 2004;
<br />fiscal officer of this City has
<br />life or period of usefulness of
<br />least five years, the estimated
<br />Section 1 is ten years, and the
<br />Section 3, to be issued in
<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
<br />aggregate principal amount of $100,000 (the Bonds) to pay costs of improving
<br />the City's street system by acquiring and installing signals, signs and other
<br />equipment and devices to direct and control the flow of vehicular and
<br />pedestrian traffic.
<br />Section 2. The Bonds shall be dated approximately September 1, 1992,
<br />shall bear interest at the now estimated rate of 8~ per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />ten annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that
<br />a note in the principal amount of $100,000 (the Note) shall be issued in
<br />anticipation of the issuance of the Bonds and to retire the 1991 Note. The
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