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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92-115
<br />BY: COUNCILMAN LEONARD
<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 CITY'S STREET
<br />SYSTEM BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND
<br />OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE
<br />FLOW OF VEHICULAR AND PEDESTRIAN TRAFFIC, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-53, passed July 6, 1989, notes
<br />in anticipation of bonds in the amount of $180,000, dated August 10, 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 />90-61, 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. 91-24, 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 ta
<br />Ordinance No. 91-167, 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 should
<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 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 Borids descri.bed in Section 1 is ten 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 isstie bonds of this City in the
<br />maximum aggregate principal amount of $103,000 (the Bonds) to pay costs of
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