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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NG. 92- 111
<br />BY: COUNCI?,_WOM# -rRARINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$2,364,000 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 TFiE SURFACE AND PAVING,
<br />BY CONSTRUCTING, RECONSTRUCTING AND REHABILITATING
<br />STORM SEWERS, SANITARY SEWERS AND WATER MAINS, BY
<br />RECONSTRUCTING CURBS, SIDEWALKS AND DRIVEWAY APRONS,
<br />BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER
<br />EQUIPMENT AND DEVICES TO DIRECT AND CONTROL TRAFFIC
<br />AND BY INSTALLING UNDERGROUND WIRES AND CABLES FOR
<br />STREET LIGHTING, ALL WHERE NECESSARY, TOGETHER WITH
<br />THE NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 91-87, passed June 18, 1991, notes
<br />in anticipation of bonds in the amount of $2,300,000 were issued for the
<br />purpose stated in Section 1, as part of the City's $4,200,000 Various Purpose
<br />Notes, Second Series, dated July 31, 1991; which notes were retired at
<br />maturity on April 24, 1992 with the proceeds of $2,300,000 of notes issued in
<br />anticipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 92-34, passed Ap.ril 7, 1992, as amended by Ordinance No. 92-42,
<br />passed April 21, 1992, as part of the City's $4,200,000 Various Purpose Notes,
<br />First Series, dated April 23, 1992, and to mature on December 18, 1992; and
<br />WHEREAS, this Council f.inds 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 $64,000 for costs of issuance of the
<br />Bonds described in Section 1; and
<br />WHEREAS, the Di.rector 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
<br />maximum aggregate principal amount of $2,364,000 (the Bonds) for the purpose
<br />of improving the City's street system by:
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