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ORDINANCE N0.2009-20
<br />BY: Mayor O'Grady
<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.
<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 />$1,010,000 (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 />Section 2. The Bonds shall be dated approximately March 1, 2010, shall bear interest at the
<br />now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are
<br />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 $1,010,000 (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 one year from the date
<br />2009 Street Improvement Program
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