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2007 Street Improvement Program
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2010-69
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,050,000 FOR
<br />THE PURPOSE OF IMPROVING CERTAIN DESIGNATED STREETS IN
<br />THE CITY, IN COOPERATION WITH THE DIRECTOR OF
<br />TRANSPORTATION OF THE STATE OF OHIO AND CUYAHOGA COUNTY
<br />AND OTHERWISE, BY GRADING, DRAINING, CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE,
<br />CURBS AND SIDEWALKS AND ADJUSTING, REHABILITATING AND
<br />RECONSTRUCTING CATCH BASINS, MANHOLES AND WATER VALVE
<br />BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND
<br />SURFACING AND RESURFACING, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2007-9 passed February 20, 2007, a note in
<br />anticipation of bonds in the amount of $1,410,000 was issued for the purpose stated in Section 2, as a
<br />part of a consolidated issue of $1,560,000 Capital Improvement and Equipment Notes, Series 2007,
<br />dated April 4, 2007, which note was retired at maturity with funds available to the City and the
<br />proceeds of a $1,270,000 note issued in anticipation of bonds pursuant to Ordinance No. 2008-13
<br />passed February 19, 2008, as a part of a consolidated issue of $2,370,000 Capital Improvement and
<br />Equipment Notes, Series 2008, dated April 2, 2008, which note was retired at maturity with funds
<br />available to the City and the proceeds of a $1,145,000 note issued in anticipation of bonds pursuant to
<br />Ordinance No. 2009-18 passed February 19, 2009, as a part of a consolidated issue of $3,215,000
<br />Capital Improvement and Equipment Notes, Series 2009, dated Apri12, 2009, which note was retired
<br />at maturity with funds available to the City and the proceeds of a $1,145,000 note (the Outstanding
<br />Note) issued in anticipation of bonds pursuant to Ordinance No. 2010-15 passed February 16, 2010,
<br />as a part of a consolidated issue of $4,390,000 Capital Improvement and Equipment Notes, Series
<br />2010, dated April 1, 2009, which Outstanding Note is to mature on September 30, 2010; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and
<br />WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer
<br />of this City, certify the estimated life or period of usefulness of each class of the improvements
<br />described in Section 2 and the maximum maturity of the Bonds described in Section 2; and
<br />WHEREAS, the Director of Finance has certified to this Council that the estimated life
<br />or period of usefulness of each class of the improvements described in Section 2 is at least five years
<br />and that the maximum maturity of the Bonds described in Section 2 is at least fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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