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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92- 12 <br />BY: MR. LIND <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF <br />$4,300,000 NOTES, IN ANTICIPAT70N OF THE ISSUANCE OF <br />BONDS, FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED <br />STREETS IN THE CITY'S STREET SYSTFM BY GRADING, <br />DRAINING, CURBING, RECONSTRUCTING THE PAVEMENT BASE, <br />WIDENING, PREPARING THE SURFACE AND PAVING, BY <br />RECONSTRUCTING AND REHABILITATING STORM SEWERS, <br />SANITARY SEWERS AND WATER MAINS, BY CONSTRUCTING AND <br />RECONSTRUCTING CURBS, SIDEWALKS ANll DRIVEWAY APRONS, <br />AND BY INSTALLING UNDERGROUND AND ABOVE-GROUND WIRES <br />AND CABLES FOR STREET LIGHTING, ALL WHERE NECESSARY, <br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK <br />INCIDENTAL THERETO, AS AMENDED. <br />WHEREAS, tkie 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 />the improvements described in Section 1 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 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 tliis Ci_ty in the aggre- <br />gate principal amount of $4,300,000 (the Bonds) for the purpose of improving <br />the City's street system by: <br />(i) grading, draining, curbing, reconstructing the pavement base, <br />widening, 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, acqtiiring and <br />installing signals, signs and other equipment and devices to direct and <br />control traffic, and installing underground wires and cables for street <br />lighting in Country Cltib Boulevard from Lorain Road to a point approximately <br />1400 feet east of Victoria Lane, in Victoria Lane and in Kennedy Ridge Road <br />between Butternut Ridge Road and Victoria Lane; <br />(ii) r.econstructing the pavement base, preparing the surface and <br />paving with concrete in Country Club Boulevard from a point approximately 1400 <br />feet east of Victoria Lane to Columbia Road;