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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2012-15
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $507,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING ASPEN DRIVE, BAILEY ROAD,
<br />BERKSHIRE DRIVE, CLARESHIRE DRIVE, DEEPWOODS
<br />WAY, FLEHARTY ROAD, HOLLY DRIVE, SAWMILL
<br />CIRCLE, SPRUCE DRIVE, WEST PARK DRIVE AND
<br />WOODSIDE DRIVE BETWEEN CERTAIN TERMINI BY
<br />RECONSTRUCTING AND REHABILITATING THE
<br />PAVEMENT BASE, CONSTRUCTING AND
<br />RECONSTRUCTING CURBS AND CURB RAMPS AND
<br />ADJUSTING CATCH BASINS, MANHOLES AND WATER
<br />VALVE AND MONUMENT BOXES, WHERE NECESSARY,
<br />PREPARING THE SURFACE AND RESURFACING,
<br />TOGETHER WITH NECESSARY APPURTENANCES AND
<br />WORK 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 ma.ximum 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 l. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$507,000 (the Bonds) to provide funds to pay costs of improving Aspen Drive, Bailey Road,
<br />Berkshire Drive, Clareshire Drive, Deepwoods Way, Fleharty Road, Holly Drive, Sawmill
<br />Circle, Spruce Drive, West Park Drive and Woodside Drive between certain termini by
<br />reconstructing and rehabilitating the pavement base, constructing and reconstructing curbs and
<br />curb ramps and adjusting catch basins, manholes and water valve and monument boxes, where
<br />necessary, preparing the surface and resurfacing, together with necessary appurtenances and
<br />work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately April 1, 2013, 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, 2014, and the first
<br />interest installment on the Bonds is estimated to be payable on December 1, 2013.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $507,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Street Improvements 2012B
<br />New Money
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