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<br />reconstructing the pavement base, widening, preparing the surface and paving with concrete,
<br />constructing storm sewers, catch basins, sidewalks and driveway aprons, installing underground
<br />and above-ground wires and cables for street lighting, reconstructing water mains and water
<br />service connections where necessary, and reconstructing and rehabilitating sanitary sewers and
<br />sanitary sewer service connections where necessary in Esther Avenue; (xiii) grading,
<br />reconstructing the pavement base, widening, paving with asphalt, constructing and reconstructing
<br />storm sewers and catch basins, reconstructing and rehabilitating sanitary sewers and sanitary
<br />sewer service connections where necessary, and reconstructing sidewalks and driveway aprons
<br />where necessary in Alexander Road; (xiv) grading, draining, curbing, reconstructing the
<br />pavement base, preparing the surface and paving with concrete, constructing and reconstructing
<br />storm sewers and catch basins, reconstructing sidewalks and driveway aprons, installing
<br />underground and above-ground wires and cables for street lighting, reconstructing water mains
<br />and water service connections where necessary, and reconstructing and rehabilitating sanitary
<br />sewers and sanitary sewer service connections where necessary in Westchester Drive;
<br />(xv) grading, draining, curbing, reconstructing the pavement base, preparing the surface and
<br />paving with concrete, constructing and reconstructing storm sewers and catch basins,
<br />reconstructing sidewalks and driveway aprons, installing underground and above-ground wires
<br />and cable for street lighting, reconstructing water mains, water service connections and sanitary
<br />sewer service connections where necessary, and reconstructing and rehabilitating sanitary sewers
<br />where necessary in Olmsted Oval; (xvi) grading, draining, curbing, reconstructing the pavement
<br />base, widening, preparing the surface and paving with concrete, constructing storm sewers and
<br />catch basins, constructing and reconstructing sidewalks, reconstructing driveway aprons,
<br />installing underground and above-ground wires and cables for street lighting, reconstructing
<br />water mains, water service connections and sanitary sewer service connections where necessary,
<br />and reconstructing and rehabilitating sanitary sewers where necessary in Macbeth Avenue; and
<br />(xvii) grading, draining, curbing, reconstructing the pavement base, widening, preparing the
<br />surface and paving with concrete, constructing storm sewers and catch basins, reconstructing
<br />driveway aprons, installing underground and above-ground wires and cables for street lighting,
<br />reconstructing water mains, water service connections, sanitary sewer service connections and
<br />sidewalks where necessary, and reconstructing and rehabilitating sanitary sewers where necessary
<br />in Oak Lane; in each case together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest
<br />at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount
<br />is paid, and are estimated to mature in twenty annual principal installments that are substantially
<br />equal. The first principal installment is estimated to be payable on December 1, 1996.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $2,400,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not
<br />to exceed 6 % per year (computed on a 360-day per year basis), payable at maturity or at any
<br />date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal
<br />amount is paid or payment is provided for. If requested by the original purchaser, the Notes
<br />may provide that, m the event the City does not pay or make provision for payment at maturity
<br />of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a
<br />different rate or rates not to exceed 10% per year from the maturity date until the City pays or
<br />makes provision to pay that principal amount. The rate or rates of interest on the Notes shall
<br />be determined by the Director of Finance in the certificate awarding the Notes in accordance
<br />with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in lawful money of the
<br />United States of America, or in Federal Reserve funds of the United States of America if so
<br />requested by the original purchaser, and shall be payable, without deduction for services of the
<br />City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the office
<br />of another bank or trust company or of the Director of Finance as requested by the original
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