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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2010-16
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $900,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING CLAGUE ROAD AND CERTAIN OTHER
<br />DESIGNATED STREETS IN THE CITY BY PREPARING
<br />THE SURFACE AND RESURFACING WITH ASPHALTIC
<br />CONCRETE, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2008-15 passed February 19, 2008, a note in
<br />anticipation of bonds in the amount of $1,000,000 was issued for the purpose stated in Section 1, as
<br />part of a consolidated issue of $2,370,000 Capital Improvement and Equipment Notes, Series 2008,
<br />dated April 2, 2008, which note was retired at maturity with funds available to the City and the
<br />proceeds of a $900,000 note (the Outstanding Note) issued in anticipation of bonds pursuant to
<br />Ordinance No. 2009-19 passed February 19, 2009, as a part of a consolidated issue of $3,215,000
<br />Capital Improvement and Equipment Notes, Series 2009, dated April 2, 2009, which Outstanding
<br />Note is to mature on April 1, 2010; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />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 the improvement described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is April 4, 2023;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$900,000 (the Bonds) for the purpose of improving Clague Road, Decker Road, Eleanor Drive,
<br />Evelyn Drive, Gladland Avenue, Grace Road, Kennedy Ridge Road, Lewis Road, Martin Drive,
<br />Oring Road, Root Road, Ivy Court, Tallwood Court and Tallwood Drive between certain termini
<br />by preparing the surface and resurfacing with asphaltic concrete, together with the necessary
<br />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 ten annual principal installments that are substantially equal. The first
<br />2008 Street Improvement Program
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