91-087 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 91- 87 BY: Councilman Tallon AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $2,300,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED STREETS IN THE CITY'S STREET SYSTEM BY GRADING, DRAINING, CURBING, RECONSTRUCTING THE PAVEMENT BASE, WIDENING, PREPARING THE SURFACE AND PAVING, BY CONSTRUCTING, RECONSTRUCTING AND REHABILITATING STORM SEWERS, SANITARY SEWERS AND WATER MAINS, BY RECONSTRUCTING CURBS, SIDEWALKS AND DRIVEWAY APRONS, BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL TRAFFIC AND BY INSTALLING UNDERGROUND WIRES AND CABLES FOR STREET LIGHTING, ALL WHERE NECESSARY, TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $2,300,000 (the Bonds) for the purpose of improving the City's street system by: (i) grading, draining, curbing, reconstructing the pavement base, widening, preparing the surface and paving with concrete, reconstructing sanitary sewers, water mains, sidewalks and driveway aprons where necessary, constructing and reconstructing storm sewers where necessary, acquiring and installing signals, signs and other equipment and devices to direct and control traffic, and installing underground wires and cables for street lighting in Country Club Boulevard from Lorain Road to a point approximately 1400 feet east of Victoria Lane, in Victoria Lane and in Kennedy Ridge Road between Butternut Ridge Road and Victoria Lane; (ii) reconstructing the pavement base, preparing the surface and paving with concrete in Country Club Road from a point approximately 1400 feet east of Victoria Lane to Columbia Road;