92-034 Ordinance - Laserfiche WebLink

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- a - control traffic, and install.ing underground wires and cables for street lighting in Country Club Boulevard from Lorain Road to a point approximately 1400 feet east of Victoria Lane, in Victoria Lane and in Kennedy Ridge Road between Butternut Ridge Road and Victoria Lane; (ii) reconstructing the pavement base, pr.eparing the surf.are and paving with concrete in Country Club Road from a point approximately 1400 feet east of Victoria Lane to Columbia Road; (iii) grading, draining, curbing, reconstructing the pavement base, preparing the surface and paving with concrete, constructing and reconstructing storm sewers, and reconst.ruct.ing sanitary sewers, sidewal.ks and driveway aprons, all where necessary in Terrace Urive and in Sunset Oval; (iv) grading, draining, curbing, recon.structing the pavement base, widening, preparing the surface and paving, reconstructing and rehabil:itat.ing storm sewers wfiere necessary, and reconstr.iicting sanitary sewers, sidewalks and driveway aprons where necessary in Marion Avenue, in Cl.ifford Road, in West 230th Street fr.om C1i.fford Road to Marion Avenue, in West; 233rd Sl.reet from Clifford Road to Marion Avenue; and (v) reconstructing sections of the pavement base, prepari.ng ttie surface and paving, reconstructing storm sewers, curbs, sidewalks and driveway aprons and reconstructing and rehabilitating sa.nitary sewers and sanitary sewer connections, all where necessary in Louann Drive, Nancy Drive, Angela Drive, Gareau Drive, Park Ridge Drive, Sherwood Drive, Forest Ridge Drive, Lynhaven Drive and Windsor Drive; in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately April 1, 1993, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the pr.incipal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amou.nt of $2,300,000 (tiie Notes) slial.l be issued in anticipation of the issuance of the Bonds and to retire the 1991 Notes. The Notes shall bear interest at a rate or rates not to exceed 7% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordi.nance and until the principal amount is paid or payment is provided for. If reyuested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10% per year from the maturity date until the City pays or makes provision to pay tliat principal amouiit. The rat.e or rates of interest on the Notes shall be determined by ttie D.irector of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance.