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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92- 120
<br />BY: COUNCII WOMAN SARINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$103,000 TO PAY COSTS OF IMPROVING THE MUNICIPAL
<br />SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING AND
<br />INSTALLING STORM SEWERS, STORM WATER RETENTION BASINS,
<br />STORM WATER DRAINAGE CONTROL EQUIPMENT AND CATCH
<br />BASINS, TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-31, passed April 19, 1989,
<br />notes in anticipation of bonds in the amount of $145,000, dated June 6, 1989
<br />were issued for the purpose stated in Section 1; which notes were retired at
<br />maturity with funds available to the City and the proceeds of a$100,000 note
<br />dated June 5, 1990 issued in anticipation of bonds pursuant to Ordinance No.
<br />90-60, passed May 15, 1990; which note was retired at maturity with the
<br />proceeds of a$100,000 note issued in anticipation of bonds for the purpose
<br />stated in Section 1, pursuant to Ordinance No. 91-26, passed February 6, 1991,
<br />as part of the City's $3,040,000 Various Purpose Notes, dated March 5, 1991;
<br />which note was retired at maturity with the proceeds of a$100,000 note issued
<br />in anticipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 91-169, passed November 6, 1991, as part of the City's
<br />$2,940,000 Various Purpose Notes, Series 1991, dated December 4, 1991 and to
<br />mature on September 4, 1992; and
<br />WHEREAS, pursuant to an ordinance adopted August 18, 1992, a note in
<br />anticipation of bonds in the amount of $100,000 (the 1992 Note) is to be
<br />issued for the purpose stated in Section 1 as part of the City's $3,990,000
<br />Various Purpose Notes, Third Series, to be dated August 27, 1992 and to mature
<br />on December 18, 1992; and
<br />WHEREAS, this Council finds and determines that the City skiould
<br />retire the 1992 Note with the proceeds of the Bonds described in Section 1 and
<br />provide up to an additional $3,000 to pay costs of issuance of the Bonds
<br />described in Section 1; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that ttie estimaCed life or period of usefulness of
<br />the improvement described in Section 1 is at least five years and the maximum
<br />maturity of the Bonds described in Section 1 is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
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