|
ORDINANCE N0.2009-19
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $900,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING CLAGUE ROAD AND CERTAIN OTHER
<br />DESIGNATED STREETS IN THE CITY BY PREPARING
<br />THE SURFACE AND RESURFACING WITH ASPHALTIC
<br />CONCRETE, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2008-15 passed February 19, 2008, a note in
<br />anticipation of bonds in the amount of $1,000,000 (the Outstanding Note) was issued for the
<br />purpose stated in Section 1, as part of a consolidated issue of $2,370,000 Capital Improvement and
<br />Equipment Notes, Series 2008, dated April 2, 2008, which Outstanding Note is to mature on
<br />April 2, 2009; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<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 improvement 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 Apri12, 2023;
<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 />$900,000 (the Bonds) for the purpose of improving Clague Road, Decker Road, Eleanor Drive,
<br />Evelyn Drive, Gladland Avenue, Grace Road, Kennedy Ridge Road, Lewis Road, Martin Drive,
<br />Oring Road, Root Road, Ivy Court, Tallwood Court and Tallwood Drive between certain termini
<br />by preparing the surface and resurfacing with asphaltic concrete, 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 />2008 Street Improvement Program
<br />
|