|
ORDINANCE NO. 94-~
<br />BY: r,,,,r,.; l man T.; nf~
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $5,260,000 NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF IMPROVING CERTAIN
<br />DESIGNATED STREETS IN THE CITY'S STREET
<br />SYSTEM BY GRADING, DRAINING, WIDENING,
<br />RECONSTRUCTING THE PAVEMENT BASE,
<br />PREPARING THE SURFACE AND SURFACING AND
<br />RESURFACING, BY CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING CATCH
<br />BASINS, CURBS, DRIVEWAY APRONS, SANITARY
<br />SEWERS AND SANITARY SEWER SERVICE
<br />CONNECTIONS, SIDEWALKS, STORM SEWERS
<br />AND WATER MAINS AND WATER SERVICE
<br />CONNECTIONS AND BY INSTALLING STREET
<br />LIGHTING, TOGETHER WITH NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL
<br />THERETO.
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to
<br />this 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 twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City 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 $5,260,000 (the Bonds) for the purpose of improving the City's street system (i) by
<br />grading, draining, curbing, reconstructing the pavement base and surfacing, by reconstructing
<br />and rehabilitating catch basins, driveway aprons, sanitary sewers and sanitary sewer service
<br />connections, sidewalks, storm sewers and water main and water service connections, where
<br />necessary, and by installing street lighting in Cambridge Drive, Christman Drive, Hastings
<br />Drive, Stewart Avenue, Sutton Drive, Birch Lane, Coe Avenue, East Oxford Oval, Esther
<br />Avenue, Hawkins Road, MacBeth Avenue, Noreen Drive, North Oxford Oval, Olmsted Oval,
<br />Palm Drive, South Oxford Oval, Westchester Drive, West Oxford Oval and Oak Lane from its
<br />intersection with Coe Avenue easterly approximately 300 feet; (ii) by grading, draining,
<br />widening, curbing, reconstructing the pavement base, and surfacing and resurfacing, by
<br />reconstructing and rehabilitating water mains, sidewalks and driveway aprons and constructing
<br />and reconstructing storm sewers and catch basins, where necessary, and installing underground
<br />wires and cables for street lighting in Antler Drive, Doe Drive and Hunter Drive; (iii) by
<br />reconstructing sections of the pavement base, preparing the surface and resurfacing,
<br />reconstructing and rehabilitating catch basins, manholes, curbs, sidewalks and driveway aprons,
<br />where necessary, in Bellevue Drive, Berkshire Drive, Croton Drive, David Drive, Devon Drive,
<br />Dorothy Drive, Glouchester Drive, Hampton Drive, Midvale Drive, Northern Avenue, Paisley
<br />
|