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CTTY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001-73
<br />BY: COUNCIL MEMBER McKAY
<br />AN ORDINANCE REPEALING ORDINANCE NO. 2000-164,
<br />WHICH AUTHORIZED THE ISSUANCE AND SALE OF
<br />$300,000.00 OF NOTES IN ANTICIPATION OF THE
<br />ISSDANCE OF BONDS TO PAY THE COSTS OF
<br />IMPROVING CERTAIIV DESIGNATED STREETS IN THE
<br />CITY BY INSTALLING STREET LIGHTIIVG AND RELATED
<br />UNDERGROUND WIRING, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, this Council previously adopted Ordinance No. 2000-164, providing for the
<br />issuance and sale of $300,000.00 of notes in anticipation of the issuance of bonds to pay the
<br />costs of improving certain designated streets in the City, to-wit: Clayton Drive, Beaumont Drive,
<br />Nandina Drive, Kew Drive, Azalea Lane, Camellia Lane, Andorra Drive, Wisteria Drive,
<br />Gardenia Drive, Forestwood Parkway, Cottonwood Trail, Dogwood Trial, Linwood Circle,
<br />Driscoll Lane, Williamstown Drive, Ashbury Park Drive, Carsten Lane, Ross Circle, Caton
<br />Place, Hyannis Port Drive, Leenders Lane, Newton Circle and Dorothy Drive, by installing street
<br />lighting and relating underground wiring, in each case together with the necessary appurtenances
<br />and work incidental thereto; and
<br />WHEREAS, subsequently it was deemed by the Director of Finance more favorable to go
<br />immediately to the bond market rather than issuing short-term notes, and, accordingly, this
<br />Council adopted Ordinance No. 2001-18, which provided for the issuance of bonds in the
<br />amount of $1,500,000.00, for the purpose of improving certain designated streets in the City, and
<br />which expressly included the aforementioned proposed improvements to the aforementioned
<br />streets; and
<br />K'HEREAS, it is necessary to repeal Ordinance No. 2000-164 so that the County Auditor
<br />will not, upon reviewing the City's records, deem the City to have borrowed $300,000.00 in
<br />order to pay for the aforementioned improvements to the aforementioned streets;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO:
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