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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2010-17
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,010,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING DOVER CENTER ROAD AND
<br />CERTAIN OTHER DESIGNATED STREETS IN THE CITY,
<br />IN COOPERATION WITH CUYAHOGA COUNTY AND
<br />OTHERWISE, BY CONSTRUCTING, RECONSTRUCTING
<br />AND REHABILITATING THE PAVEMENT BASE, STORM
<br />SEWERS, STORM WATER DRAINAGE STRUCTURES,
<br />CURBS, CURB RAMPS AND SIDEWALKS, WHERE
<br />NECESSARY, PREPARING THE SURFACE AND
<br />RESURFACING, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2009-20 passed February 19, 2009, a note in
<br />anticipation of bonds in the amount of $1,010,000 (the Outstanding Note) was issued for the
<br />purpose stated in Section 1, as part of a consolidated issue of $3,215,000 Capital Improvement and
<br />Equipment Notes, Series 2009, dated April 2, 2009, which Outstanding Note is to mature on
<br />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 improvements 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 Apri12, 2024;
<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 />$1,010,000 (the Bonds) to provide funds to pay costs of improving Dover Center Road between
<br />certain termini, in cooperation with Cuyahoga County, by constructing, reconstructing and
<br />rehabilitating the pavement base, storm sewers, storm water drainage structures, curbs, curb
<br />ramps and sidewalks, where necessary, preparing the surface and resurfacing with asphaltic
<br />concrete and Benwood Circle, Delmere Drive, Lebern Drive, Oakdale Drive, Southern Avenue,
<br />Twin Circle Drive, West .230th Street, West 232nd Street and Woodmere Drive between certain
<br />termini by preparing the surface and resurfacing, in each case together with the necessary
<br />appurtenances and work incidental thereto.
<br />2009 Street Improvement Program
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