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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94- 132
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $2,400,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY'S STREET
<br />SYSTEM BY GRADING, DRAINING, CURBING,
<br />RECONSTRUCTING THE PAVEMENT BASE, WIDENING,
<br />PREPARING THE SURFACE AND PAVING; BY
<br />CONSTRUCTING, RECONSTRUCTING AND
<br />REHABILITATING WATER MAINS, WATER SERVICE
<br />CONNECTIONS, SIDEWALKS, D iVEWAY APRONS,
<br />STORM SEWERS, CATCH BASINS. SANITARY SEWERS
<br />AND SANITARY SEWER SERVICE C NNECTIONS AND BY
<br />INSTALLING UNDERGROUND A1vD ABOVE-GROUND
<br />WIRES AND CABLES FOR STREET LIGHTING, ALL WHERE
<br />NECESSARY, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-59, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $2,250,000 (the 1993-A Notes) were issued for the
<br />purpose described in Section 1, as a part of a consolidated issue of $3,450,000 Various Purpose
<br />Notes, Series 1993B, dated June 24, 1993; and
<br />WHEREAS, pursuant to Ordinance No. 93-92, passed on July 6, 1993, notes in
<br />anticipation of bonds in the amount of $150,000, dated August 12, 1993 (the 1993-B Notes),
<br />were issued for the purpose described in Section 1; and
<br />WHEREAS, the 1993-A Notes and the 1993-B Notes were retired at maturity with
<br />proceeds of $2,400,000 notes (the 1994 Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 94-49, passed on March 1, 1994, as a part of a consolidated issue of $3,600,000
<br />Various Purpose Notes, Series 1994B, which 1994 Notes are to mature December 15, 1994; and
<br />WHEREAS, this Council finds and determines that the Ciry should retire the 1994
<br />Notes with the proceeds of the Notes described in Section 3; and
<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 each class of the improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is June 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the Ciry of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $2,400,000 (the Bonds) for the purpose of improving the City's street system by:
<br />(i) grading, draining, curbing, reconstructing the pavement base, widening, preparing the surface
<br />and paving with concrete, reconstructing water mains, sidewalks and driveway aprons where
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