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ORDINANCE NO. 94- 49
<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, DRIVEWAY APRONS,
<br />STORM SEWERS, CATCH BASINS, SANITARY SEWERS
<br />AND SANITARY SEWER SERVICE CONNECTIONS, AND BY
<br />INSTALLING UNDERGROUND AND 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 />the amount of $2,250,000 (the June 1993 Notes) were issued in anticipation of bonds 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, which June 1993 Notes are to mature on March 24,
<br />1994; 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 were issued for the purpose stated in Section
<br />1, dated August 12, 1993, and to mature on March 24, 1994 (the August 1993 Notes and,
<br />together with the June 1993 Notes, the 1993 Notes); and
<br />WHEREAS, this Council finds and determines that the City should retire the 1993
<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 improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 24, 2013;
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