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<br />CTTY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001-145
<br />BY: Mayor Musial and the Entire City Council
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $850,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IlVIPROVIlNG
<br />SOUTH CANTERBURY ROAD BETWEEN CERTAIN
<br />TERMINI BY GRADING, DRAINING, WIDENING, PAVIING,
<br />CONSTRUCTING AND RECONSTRUCTING CURBS,
<br />GUTTERS, CATCH BASINS, SANITARY SEWERS, STORM
<br />SEWERS, WATERLINES, SIDEWALKS AND DRIVEWAY
<br />APPROACHES, AND INSTALLING TRAFFIC SIGNS AND
<br />SIGNALIZATION, STREET LIGHTIIVG AND RELATED
<br />UNDERGROUND WIRING, 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 improvement described in Section 1 is
<br />at least five yeazs, the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is twerrty 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 />$850,000 (the Bonds) to pay costs of improving South Canterbury Road from Butternut Ridge
<br />Road southerly a distance of approximately 1,600 feet by grading, draining, widening, paving,
<br />constructing and reconstructing curbs, gutters, catch basins, sanitary sewers, storm sewers,
<br />waterlines, sidewalks and driveway approaches, and installing traffic signs and signalization,
<br />street lighting and related underground wiring, together with the necessary appurtenances and
<br />work incidental thereto.
<br />Section 2. The Bonds sha11 be dated approximately January 1, 2003, shall bear interest at
<br />the now estimated rate of 5-1/20/o per year, payable semiannually uirtil the principal amount is paid,
<br />and are estimated to mature in twenty annual principal installments that are substantially equal. The
<br />first principal installment is estimated to be payable on December l, 2004.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $850,000 (the Notes) sha11 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 />of their issuance; provided that the Director of Finance may, if she determines ft to be necessary or
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