|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 93- 59
<br />BY: COUNCIL NIEMBER DAVID LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $2,250,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING CERTAIN DESIGNATED STREETS IN THE
<br />CITY'S STREET SYSTEM BY GRADING, DRAINING,
<br />CURBING, RECONSTRUCTING THE PAVEMENT BASE,
<br />WIDENING, PREPARING THE SURFACE AND PAVING,
<br />BY CONSTRUCTING, RECONSTRUCTING AND
<br />REHABILITATING WATER MAINS, SIDEWALKS,
<br />DRIVEWAY APRONS, STORM SEWERS, CATCH BASINS,
<br />SANITARY SEWERS AND SANITARY SEWER
<br />CONNECTIONS, AND BY INSTALLING UNDERGROUND
<br />AND ABOVE-GROUND WIRES AND CABLES FOR STREET
<br />LIGHTING, ALL WHERE NECESSARY, TOGETHER WITH
<br />THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO.
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to
<br />this Council that the estimated life or period of usefulness of the equipment described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section l. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $2,250,000 (the Bonds) for the purpose of improving the City's street system by:
<br />(i) grading, draining, curbing, reconstructing the pavement base, widening,
<br />preparing the surface and paving with concrete, reconstructing water mains, sidewalks and
<br />driveway aprons where necessary, constructing and reconstructing storm sewers where
<br />necessary, and installing above-ground wires and cables for street lighting in Maria Lane and
<br />Rosita Lane;
<br />(ii) grading, draining, curbing, reconstructing the pavement base, widening where
<br />necessary, preparing the surface and paving with concrete, reconstructing water mains,
<br />sidewalks and driveway aprons where necessary, constructing and reconstructing storm sewers
<br />and catch basins where necessary, and installing underground wires and cables for street
<br />lighting in Deerfield Drive, Dawn Drive, Dawn Circle, Chase Drive, Fawn Drive, Doe Drive,
<br />Antler Drive and Hunter Drive;
<br />(iii) reconstructing sections of the pavement base, preparing the surface and
<br />paving, installing underground wires and cables for street lighting, reconstructing storm
<br />sewers, curbs, sidewalks and driveway aprons and reconstructing and rehabilitating sanitary
<br />sewers and sanitary sewer connections, all where necessary in Brighton Drive, Surrey Drive,
|