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CITY OF NORTH OLMSTED
<br />ORDINANCF N0. 92- 29
<br />BY: COUNCILMAN LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,400,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BGNDS, FOR TFiE PURPOSE OF IMPROVING SILVERDALE ROAD,
<br />SELHURST ROAD AND DUANE ROAD BY GRADING, DRAINING,
<br />CURBING, RECONSTRUCTING THE PAVEMENT BASE, WIDENING,
<br />PREPARING THE SURFACE AND PAVING WITH CONCRETE,
<br />RECONSTRUCTING STORM SEWERS, SANITARY SEWERS, WATER
<br />MAINS AND DRIVEWAY APRONS WHERE NECESSARY, CON-
<br />S'TRUCTING SIDEWAI,KS AND INSTALI,ING ABOVE-GROUND WIRES
<br />AND CABLES FOR STREET LIGHTING, TOGETHER WITH TfIE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO.
<br />WHERF.AS, the Director of Finance as f.i.scal officer of this City tias
<br />certified to this Council that the estimated life or period of usefulness of
<br />t.he improvements described in Section 1 is at least five years, the estimaY.ed
<br />maximum maturity of the Bonds described in Section 1 is twenty years, and ttie
<br />maximtim maturity of the Notes described in Section 3, to be issued .in
<br />anticipation of the Bonds, is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of ttie City of Nort.h.
<br />O1msLed, Cuyahoga County, Otiio, that:
<br />Section l. It is necessary to issue bonds of this City in ttie aggre-
<br />gate principal amount of $1,400,000 (the Bonds) for the purpose of improviiig
<br />Silverdale Road, Selhurst Road and Duane Road by grading, draining, curbing,
<br />reconstrticting the pavement base, widening, preparing the surface and paving
<br />with concrete, reconstructing storm sewers, sanitary sewers, water mains and
<br />driveway aprons where necessary, constructing sidewalks and install.ing above-
<br />ground wires and cables for street lighting, togetlier with the necessary
<br />appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1992,
<br />shall bear interest at the now estimated rate of 8% per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />twenty annual principal installments that are substantially equal. The first
<br />principal installment is estimated to be December 1, 1993.
<br />Section 3. It is necessary to issue and this Counci.l determines that
<br />notes in ttie aggregate principal amount of $1,400,000 (the Notes) shall be
<br />issued in anticipation of the issuance of ttie Bonds. The Notes sha17. beae-
<br />interest at a rate or rates not to er.ceed 7% per year (computed on a 360-day
<br />per year basis), payable at matur:ity or at any date of earlier prepayment as
<br />p.rovided for in Section 4 of this ordinance and until the principal amount is
<br />paid or payment is provided for. If requested by ttie original purchaser, the
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