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ORDINANCE N0. 92- 112
<br />BY: COUNCIL WOi?.N- SAgINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$350,000 TO PAY COSTS OF IMPROVING GREAT NORTHERN
<br />BOULEVARD, COUNTRY CLUB BOULEVARD, VICTORIA LANE AND
<br />KENNEDY RIDGE ROAD BETWEEN CERTAIN TERMINI BY REMOVING
<br />THE EXISTING PAVEMENT, GRADING, DRAINING, CURBING,
<br />PRF.PARING THE PAVEMENT BASE, PAVING AND CONSTRUCTING
<br />AND RECONSTRUCTING STORM SEWERS AND SANITARY SEWERS,
<br />WHERE NECESSARY, TOGETHER WITH THE NECESSARY APPURTE-
<br />NANCES THERETO, AND DECLARING AN EMERGENCY.
<br />WHERF.AS, pursuant to Ordinance No. 90-57, passed May 9, 1990, notes
<br />in anticipation of bonds in the amount of $340,000, dated June 12, 1990 were
<br />issued for the purpose stated in Section 1; which notes were retired at
<br />maturity with the proceeds of $340,000 notes, issued in anticipation of bonds
<br />for the purpose stated in Section 1, pursuant to Ordinance No. 91-21, passed
<br />February 6, 1991, as part of the City's $3,040,000 Various Purpose Notes,
<br />dated March 5, 1991; which notes were retired at maturity with the proceeds of
<br />$340,000 notes issued in anticipation of bonds for the purpose stated in
<br />Section 1, pursuant to Ordinance No. 91-164, passed November 6, 1991, as part
<br />of the City's $2,940,000 Various Purpose Notes, Series 1991, dated December
<br />4, 1991 and to mature on September 4, 1992; and
<br />WHEREAS, pursuant to an ordinance adopted August 18, 1992, notes in
<br />anticipation of bonds in the amount of $340,000 (the 1992 Notes) are 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 />r.etire the 1992 Notes with the proceeds of the Bonds described in Section 1
<br />and provide up to an additional $10,000 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 tias
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at ].east 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
<br />maximum aggregate principal amount of $350,000 (the Bonds) to pay costs of
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