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Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$1,145,000 (the Bonds) for the purpose of improving (i) Andrus Avenue, Burns Road, Defoe
<br />Drive, Kennedy Ridge Extension, Lebern Drive, Lucydale Avenue, Maple Ridge Road, Michael
<br />Avenue, Porter Road, Ranchview Avenue, West Ranchview Avenue, Shelley Drive, Timber
<br />Cove Lane, Wedgewood Drive and Whitethorn Avenue between certain termini by
<br />reconstructing and rehabilitating the pavement base, curbs, curb ramps and sidewalks and
<br />adjusting catch basins, manholes and water valve boxes, where necessary, preparing the surface
<br />and resurfacing and (ii) Great Northern Boulevard (State Route 252) between certain termini, in
<br />cooperation with the Director of Transportation of the State of Ohio and Cuyahoga County, by
<br />grading, draining, constructing, reconstructing and rehabilitating the pavement base, catch
<br />basins, curbs and sidewalks, where necessary, and paving, in each case together with the
<br />necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately September 1, 2010, shall bear interest at
<br />the now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in fifteen annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2011, and the first
<br />interest installment on the Bonds is estimated to be payable on December 1, 2010.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $1,145,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds and to retire, together with other funds available to the City, the Outstanding Note. The
<br />Notes shall be dated the date of their issuance, and shall mature on September 30, 2010; provided
<br />that the Director of Finance may, if she determines it to be necessary or advisable in connection
<br />with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section
<br />6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to sixty days
<br />earlier or later than September 30, 2010. The Notes shall bear interest at a rate not to exceed 5% per
<br />year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at
<br />maturity and until the principal amount is paid or payment is provided for. The rate of interest on
<br />the Notes shall be determined by the Director of Finance in the Certificate of Award.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the
<br />United States of America, without deduction for services of the City's paying agent, at the principal
<br />corporate trust office of The Huntington National Bank, Columbus, Ohio, or at the designated office
<br />of a bank or trust company requested by the original purchaser of the Notes, provided that such
<br />request shall be approved by the Director of Finance after determining that the payment at that bank
<br />or trust company will not endanger the funds or securities of the City and that proper procedures and
<br />safeguards are available for that purpose. The Director of Finance is authorized to enter into any
<br />agreements determined necessary in connection with obtaining the services of a paying agent for the
<br />Notes, after determining that the signing thereof will not endanger the funds or securities of the
<br />City.
<br />Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of
<br />the City and in their official capacities, provided that one of those signatures may be a facsimile.
<br />The Notes shall be issued in the denominations and numbers as requested by the original purchaser
<br />and approved by the Director of Finance, provided that the entire principal amount may be
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