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CITY OF NORTH OLMSTED
<br />ORDINANCE No. 92-34
<br />gy; COUNCILMAN LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$2,300,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED
<br />STREETS IN THE CITY'S STREET SYSTEM BY GRADING,
<br />DRAINING, CURBING, RECONSTRUCTING THE PAVEMENT BASE,
<br />WIDENING, PREPARING THE SURFACE AND PAVING, BY
<br />CONSTRUCTING, RECONSTRUCTING AND REI3ABII.,ITATING STORM
<br />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, and maturing April 24, 1992 (the
<br />1991 Notes);
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the outstanding notes with the proceeds of the Notes described in
<br />Section 3; 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 />t;he improvements described in Section i is at least five years, the estimated
<br />maximum maturity of the Bonds described in Section 1 is twenty years, and the
<br />maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is July 31, 2011;
<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 aggre-
<br />gate pri.ncipal amount of $2,300,000 (the Bonds) for the purpose of improving
<br />the City's street system by:
<br />(i) grading, draining, curbing, reconstructing the pavement base,
<br />widen.ing, Preparing the surface and paving with concrete, reconstructing
<br />sanitary sewers, water mains, sidewalks and driveway aprons where necessary,
<br />constructing and reconstructing storm sewers where necessary, acquiring and
<br />installing signals, signs and other equipment and devices to direct and
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