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ORDINANCE N0. 92- 118
<br />BY: COUNCIL. WOMAN ARTNC'FR
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$4,420,500 FOR THE PURPOSE OF IMPROVING CERTAIN
<br />DESIGNATED STREETS IN THE CITY'S STREET SYSTEM BY
<br />GRADING, DRAINING, CURBING, RECONSTRUCTING THE PAVE-
<br />MENT BASE, WIDENING, PREPARING THE SURFACE AND PAVING,
<br />BY RECONSTRUCTING AND REHABILITATING STORM SEWERS,
<br />SANITARY SEWERS AND WATER MAINS, BY CONSTRUCTING AND
<br />RECONSTRUCTING CURBS, SIDEWALKS AND DRIVEWAY APRONS,
<br />AND BY INSTALLING UNDERGROUNll AND ABOVE-GROUND WIRES
<br />AND CABLES FOR STREET LIGHTING, ALL WHERE NECESSARY,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-12 passed February 18, 1992,
<br />notes in anticipation of bonds in the amount of $4,300,000, dated March 20,
<br />1992, were issued for the purpose stated in Section 1, to mature on
<br />December 20, 1992; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the outstanding notes with the proceeds of the Bonds described in
<br />Section 1 and provide up to an additional $120,500 to pay costs of issuance of
<br />the Bonds described in Section 1; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />c:ertified to this Council that the estimated 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:
<br />Section 1. It is necessary to issue bonds of this City in the maxi-
<br />mum aggregate principal amount of $4,420,500 (the Bonds) for the purpose of
<br />improving the City's street system by:
<br />(i) grading, draining, curbing, reconstructing the pavement base,
<br />widening, preparing the surf.ace and paving with concrete, rPCOnstructing
<br />sanitary sewers, water mains, sidewalk, and driveway aprons where necessary,
<br />constructing and reconstructing storm sewers where necessary, acquiring and
<br />installing signals, signs and other eyuipment and devices to direct and con-
<br />trol traffic, and installing underground wi.res and cables for street lighting
<br />in Country Club Boulevard from Lorain Road to a point approximately 1400 feet
<br />east of Victoria Lane, in Victoria Lane and in Kennedy Ridge Road between
<br />Butternut Ridge Road and Victoria Lane;
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