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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2011-34
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $605,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING ALLENDALE DRIVE AND
<br />CERTAIN OTHER DESIGNATED STREETS IN THE CITY
<br />BETWEEN CERTAIN TERMINI BY RECONSTRUCTING
<br />AND REHABILITATING THE PAVEMENT BASE,
<br />CONSTRUCTING AND RECONSTRUCTING CURBS AND
<br />CURB RAMPS AND ADJUSTING CATCH BASINS,
<br />MANHOLES AND WATER VALVE AND MONUMENT
<br />BOXES, WHERE NECESSARY, PREPARING THE SURFACE
<br />AND RESURFACING, IN EACH CASE 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 this
<br />Council that the estimated life or period of usefulness of the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$605,000 (the Bonds) to provide funds to pay costs of improving Allendale Drive, Arlington
<br />Lane, Amesbury Drive, Carey Lane, Dogwood Trail, Dorothy Drive, Elder Drive, Fairlawn
<br />Drive, Forestwood Parkway, Gessner Road, Linwood Circle, Lusandra Circle, Magnolia Drive
<br />and Northern Avenue between certain termini by reconstructing and rehabilitating the pavement
<br />base, constructing and reconstructing curbs and curb ramps and adjusting catch basins, manholes
<br />and water valve and monument boxes, where necessary, preparing the surface and resurfacing.
<br />Section 2. The Bonds shall be dated approximately May 1, 2012, shall bear interest at the
<br />now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are
<br />estimated to mature in ten annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2013, and the first
<br />interest installment on the Bonds is estimated to be payable on December 1, 2012.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $605,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date
<br />of issuance; provided that the Director of Finance may, if she determines it to be necessary or
<br />advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in
<br />201 1 Street Improvement Program
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