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ORDINANCE NO. 94- 50 BY: COUNCILMAN LIND AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $500,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY'S STORM WATER DRAINAGE SYSTEM BY REHABILITATING AND IMPROVING AN EXISTING STORM WATER CULVERT LOCATED UNDER SOUTH BARYON ROAD APPROXIMATELY 1, 700 FEET SOUTH OF LORAIN ROAD, RELATED UNDERGROUND STORM WATER RETENTION BASINS AND RELATED OPEN STORM WATER DRAINAGE DITCHES AND ACQUIRING INTERESTS IN REAL ESTATE THEREFOR, TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 93-58, passed on May 18, 1993, notes in the amount of $500,000 (the 1993 Notes) were issued in anticipation of bonds for the purpose described in Section 1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B, dated June 24, 1993, which 1993 Notes are to mature on March 24, 1994; and WHEREAS, this Council finds and determines that the City should retire the 1993 Notes with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of each class of improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is thirty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 24, 2013; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $500,000 (the Bonds) for the purpose of improving the City's storm water drainage system by rehabilitating and improving an existing storm water culvert located under South Barton Road approximately 1, 700 feet south of Lorain Road, related underground storm water retention basins and related open storm water drainage ditches and acquiring interests in real estate therefor, together with the necessary appurtenances and work incidental thereto.