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CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2010-18
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,015,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING ARLINGTON LANE AND CERTAIN
<br />OTHER DESIGNATED STREETS IN THE CITY BETWEEN
<br />CERTAIN TERMINI BY RECONSTRUCTING AND
<br />REHABILITATING THE PAVEMENT BASE,
<br />CONSTRUCTING AND RECONSTRUCTING CURBS AND
<br />CURB RAMPS AND ADJUSTING CATCH BASINS,
<br />MANHOLES AND WATER VALVE AND MONUMENT
<br />BOXES, WHERE NECESSARY, PREPARING THE SURFACE
<br />AND RESURFACING, IN EACH CASE TOGETHER WITH
<br />THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO.
<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 fifteen years;
<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 />$1,015,000 (the Bonds) to provide funds to pay costs of improving Arlington Lane, Beaumont
<br />Drive, Cypress Drive, David Drive, Fitch Road, Lauren Drive, Lisa Lane, Maplehurst Road,
<br />Marquette Boulevard, Mary Kay Circle, Midvale Avenue, Mildred Avenue, Randall Drive,
<br />Vernon Drive and Westlawn Drive between certain termini by reconstructing and rehabilitating
<br />the pavement base, constructing and reconstructing curbs and curb ramps and adjusting catch
<br />basins, manholes and water valve and monument boxes, where necessary, preparing the surface
<br />and resurfacing.
<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 />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 $1,015,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds. The Notes shall be dated the date of their issuance, and shall mature on September 30,
<br />2010; provided that the Director of Finance may, if she determines it to be necessary or advisable in
<br />201G Street Improvement Program
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