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<br />Series N
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-33
<br />BY: Mayor O'Grady and Councilmembers Talton, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,875,000 FOR
<br />THE PURPOSE OF IMPROVING CERTAIN DESIGNATED STREETS IN THE
<br />CITY, IN COOPERATION WITH THE DIRECTOR OF TRANSPORTATION
<br />OF THE STATE OF OHIO, CUYAHOGA COUNTY AND OTHERWISE, BY
<br />GRADING, DRAINING, WIDENING, REPLACING SECTIONS OF
<br />PAVEMENT, PREPARING THE SURFACE, SURFACING AND
<br />RESURFACING, CONSTRUCTING AND RECONSTRUCTING SECTIONS OF
<br />THE PAVEMENT BASE, CURBS, GUTTERS, CATCH BASINS, MANHOLES,
<br />SIDEWALKS AND DRIVEWAY APPROACHES AND INSTALLING TRAFFIC
<br />SIGNS, SIGNALIZATION AND SIGNALIZATION SYSTEMS, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO.
<br />WHEREAS, pursuant to Ordinance No. 2002-54 passed on April 30, 2002, notes in
<br />anticipation of bonds in the amount of $1,375,000 were issued to pay costs of improvements
<br />described in clause (A) in Section 2, as a part of a consolidated issue of $1,665,000 Capital
<br />Improvement Notes, Series 2002, dated June 18, 2002, which notes were retired at maturity with
<br />funds available to the City and the proceeds of $1,375,000 notes, issued in anticipation of bonds
<br />pursuant to Ordinance No. 2003-52 passed on May 7, 2003, as a part of a consolidated issue of
<br />$2,195,000 Capital Improvement Notes, Series 2003, dated June 18, 2003, which notes were retired
<br />at maturity with funds available to the City and the proceeds of $1,370,000 notes, issued in
<br />anticipation of bonds pursuant to Ordinance No. 2004-33 passed on April 6, 2004, as a part of a
<br />consolidated issue of $3,675,000 Capital Improvement Notes, Series 2004, dated May 4, 2004, which
<br />notes were retired at maturity with funds available to the City and the proceeds of $1,270,000 notes
<br />(the Outstanding Series A Notes), issued in anticipation of bonds pursuant to Ordinance No. 2005-31
<br />passed on April 5, 2005, as a part of a consolidated issue of $3,185,000 Capital Improvement Notes,
<br />Series 2005, dated May 3, 2005, which Outstanding Series A Notes are to mature on May 3, 2006;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 2004-24 passed on March 16, 2004, notes in
<br />anticipation of bonds in the amount of $1,165,000, were issued to pay costs of improvements
<br />described in clause (B) in Section 2, as a part of a consolidated issue of $3,675,000 Capital
<br />Improvement Notes, Series 2004, dated May 4, 2004, which notes were retired at maturity with funds
<br />available to the City and the proceeds of $1,065,000 notes (the Outstanding Series B Notes), issued in
<br />anticipation of bonds pursuant to Ordinance No. 2005-32 passed on April 5, 2005, as a part of a
<br />consolidated issue of $3,185,000 Capital Improvement Notes, Series 2005, dated May 3, 2005, which
<br />Outstanding Series B Notes are to mature on May 3, 2006; and
<br />WHEREAS, pursuant to Ordinance No. 2005-168 passed on December 20, 2005, notes
<br />in anticipation of bonds in the amount of $500,000 (the Outstanding Series C Notes), dated February
<br />2, 2006, were issued to pay costs of improvements described in clause (C) in Section 2, which
<br />Outstanding Notes are to mature on May 3, 2006; and
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