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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92- 116
<br />BY: COUNCILMOMAN SARINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$1,438,500 FOR THE PURPOSE OF IMPROVING SILVERDALE
<br />ROAD, SELHURST ROAD AND DUANE ROAD BY GRADING, DRAIN-
<br />ING, CURBING, RECONSTRUCTING THE PAVEMENT BASE, WIDEN-
<br />ING, PREPARING THE SURFACE AND PAVING WITH CONCRETE,
<br />RECONSTRUCTING STORM SEWERS, SANITARY SEWERS, WATER
<br />MAINS AND DRIVEWAY APRONS WHERE NECESSARY, CONSTRUCT-
<br />ING SIDEWALKS AND INSTALLING ABOVE-GROUND WIRES AND
<br />CABLES FOR STREET LIGHTING, TOGETHER WITH THE NECES-
<br />SARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-29, passed April 21, 1991, as
<br />amended by Ordinance No. 92-48 passed on May 5, 1992, notes in anticipation of
<br />bonds in the amount of $1,400,000 were issued for the purpose stated in
<br />Section 1, as part of the City's $3,400,000 Various Purpose Notes, Second
<br />Series, dated May 27, 1992, and maturing December 18, 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 $38,500 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 />certified 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 $1,438,500 (the Bonds) for the purpose of
<br />improving Silverdale Road, Selhurst Road and Duane Road by grading, draining,
<br />curbing, reconstructing the pavement base, widening, preparing the surface and
<br />paving with concrete, reconstructing storm sewers, sanitary sewers, water
<br />mains and driveway aprons where necessary, r_onstructing sidewalks and install-
<br />ing above-ground wires and cables for street lighting, together with the
<br />necessary appurtenances and work incidental thereto.
<br />The Director of Finance shall determine the aggregate principal
<br />amount of the Bonds not to exceed $1,438,500 in the certificate providing for
<br />the award of the Bonds and signed by the Director of Finance in accordance
<br />with Section 7 of this ordinance (the Certificate of Award).
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