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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 98-45
<br />BY: COUNCILMAN THOMAS 0'GRAI)Y
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF 5843,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH CUYAHOGA COUNTY AND THE
<br />DIRECTOR OF TRANSPORTATION OF THE STATE OF
<br />OffiO AND OTHERWISE, BY GRADING, DRAINING,
<br />CURBING, RECONSTRUCT[NG THE PAVEMEIVT BASE,
<br />REPLACING CULVERTS, PREPARING THE SURFACE,
<br />SURFACING AND RESURFACING AND INSTALLING
<br />STREET LIGHTING, TRAFFIC SIGNALIZATION AND
<br />RELATED UNDERGROUND WIRING, IN EACH CASE
<br />TOGTTHER WITH THE NECESSARY APPURTENANCES
<br />AND WORK INCIDENTAL THERETO.
<br />WHEREAS, the D'uector of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of each class of the improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described
<br />in Section 1 is ten years, and the maximum maturity of the Notes descnbed in Section 3, to be
<br />issued in anticipation of the Bonds, is fifteen years; .
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal
<br />amount of $843,000 (the Bonds) for the purpose of improving Brookpark Road from Lorain Road
<br />to Great Northern Boulevard by grading, draining, widening, constructing and reconstructing curbs
<br />and surfacing and resurfacing; improving North Barton Road from Lorain Road to the northerly
<br />corporate limits, in cooperation with Cuyahoga County, by resurfacing and replacing culverts,
<br />where necessary; improving Cedar Point Road from Columbia Road to the east$rly corporate limits,
<br />in cooperation with Cuyahoga County and the Director of Transportation of the State of Ohio, by
<br />grading, draining, curbing, reconstructing the pavement base, surfacing and installing traffic
<br />signalization; improving Wesbminster Drive, Wellington Drive, Warrington Drive, Huntington
<br />Drive, Mitchell Drive, Brookpazk Road Extension, Tudor Drive, Devon Drive, Blossom Boulevazd,
<br />Edgepazk Boulevard, Woodpath Drive, Sanders Lane, Marquette Boulevard, Pine Circle, Laurel
<br />Lane, Lisa Lane, Lusandra Circle, Mary Kay Circle, Marcie Lane and Brendan Lane by
<br />reconstructing sections of the pavement base, where necessary; improving Wellesley Avenue,
<br />Brookpark Road, Broxbourne Road, Whitehaven Avenue and North Barton Road between certain
<br />termini by preparing the surface and resurfacing; improving Vincent Drive, Magnolia Drive, Spruce
<br />Drive, Byron Drive, Tennyson Drive, Fielding Drive, Keats Drive, Shelley Drive, Dryden Drive,
<br />Lydgate Drive and Defoe Drive by installing street lighting and underground wiring; and improving
<br />Great Northern Boulevard by conshucting sidewalks from Country Club Boulevard to the I-480
<br />East exit; in each case together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately June l, 1999, shall bear interest at
<br />the now estimated rate of 5`/2% per year, payable semiannually until the principal amount is paid,
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