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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- lh4
<br />BY: COUNCIL MEMBER TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$340,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING GREAT NORTHERN
<br />BOULEVARD, COUNTRY CLUB BOULEVARD, VICTORIA LANE AND
<br />KENNEDY RIDGE ROAD BETWEEN CERTAIN TERMINI BY REMOVING
<br />THE EXISTING PAVEMENT, GRADING, DRAINING, CURBING,
<br />PREPARING THE PAVEMENT BASE, PAVING AND CONSTRUCTING
<br />AND RECONSTRUCTING STORM SEWERS AND SANITARY SEWERS,
<br />WHERE NECESSARY, TOGETHER WITH THE NECESSARY APPURTE-
<br />NANCES THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 90-57, passed May 9, 1990, notes
<br />in anticipation of bonds in the amount of $340,000, dated June 12, 1990 were
<br />issued for the purpose stated in Section 1, which notes were retired at
<br />maturity with the proceeds of $340,000 notes dated March 5, 1991, issued in
<br />anticipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 91-21, passed February 6, 1991 (the 1991 Notes), which 1991
<br />Notes are to mature on December 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1991 Notes with the proceeds of the Notes described in Section 3;
<br />and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />each class of the improvements described in Section 1 is at least five years,
<br />the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />twenty years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is June 12, 2010;
<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 $340,000 (the Bonds) to pay costs of improving Great
<br />Northern Boulevard from Lorain Road to Butternut Ridge Road, Country Club
<br />Boulevard from Lorain Road to Columbia Road, Victoria Lane from Kennedy Ridge
<br />Road to Country Club Boulevard and Kennedy Ridge Road from Butternut Ridge
<br />Road to Victoria Lane by removing the existing pavement, grading, draining,
<br />curbing, preparing the pavement base, paving and constructing and reconstruct-
<br />ing storm sewers and sanitary sewers, where necessary, together with the
<br />necessary appurtenances thereto.
<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 />twenty annual principal installments that are substantially equal.
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