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2010 Street Improvement Program CITY OF NORTH OLMSTED ORDINANCE N0.2010-72 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,015,000 FOR THE PURPOSE OF IMPROVING ARLINGTON LANE AND CERTAIN OTHER DESIGNATED STREETS IN THE CITY BETWEEN CERTAIN TERMINI BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, CONSTRUCTING AND RECONSTRUCTING CURBS AND CURB RAMPS AND ADJUSTING CATCH BASINS, MANHOLES AND WATER VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2010-18 passed February 16, 2010, a note in anticipation of bonds in the amount of $1,015,000 (the Outstanding Note) was issued for the purpose stated in Section 2, as a part of a consolidated issue of $4,390,000 Capital Improvement and Equipment Notes, Series 2010, dated April 1, 2009, which Outstanding Note is to mature on September 30, 2010; and WHEREAS, this Council finds and determines that the City should issue the Bonds described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer of this City, certify the estimated life or period of usefulness of the improvements described in Section 2 and the maximum maturity of the Bonds described in Section 2; and WHEREAS, the Director of Finance has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to the principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof.