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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-84
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $250,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF IMPROVING THE CITY'S STORM WATER
<br />DRAINAGE SYSTEM BY REHABILITATING AND
<br />IMPROVING AN EXISTING STORM WATER
<br />CULVERT LOCATED UNDER SOUTH BARTON
<br />ROAD APPROXIMATELY 1,700 FEET SOUTH OF
<br />LORAIN ROAD, RELATED UNDERGROUND STORM
<br />WATER RETENTION BASINS AND RELATED OPEN
<br />STORM WATER DRAINAGE DITCHES AND
<br />ACQUIRING INTERESTS IN REAL ESTATE
<br />THEREFOR, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-58, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $500,000 were issued for the purpose described in
<br />Section 1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B,
<br />dated June 24, 1993, which notes were retired at maturity with the proceeds of $500,000 notes
<br />issued in anticipation of bonds pursuant to Ordinance No. 94-50, passed on March 1, 1994, as
<br />a part of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B, dated March
<br />23, 1994, which notes were retired at maturity with the proceeds of $500,000 notes issued in
<br />anticipation of bonds pursuant to Ordinance No. 94-135, passed on September 20, 1994, as a
<br />part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E,
<br />dated October 18, 1994, which notes were retired at maturity with funds available to the City
<br />and the proceeds of $250,000 notes (the Outstanding Notes) issued pursuant to Ordinance 95-78,
<br />passed on June 6, 1995, as amended by Ordinance No. 95-89, passed on June 6, 1995, as part
<br />of a consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated
<br />June 22, 1995, which Outstanding Notes are to mature on June 20, 1996; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of each class of improvements
<br />described in Section 1 is at least five years, the maximum maturity of the Bonds described in
<br />Section 1 is thirty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 24, 2013;
<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 aggregate principal
<br />amount of $250,000 (the Bonds) for the purpose of improving the City's storm water drainage
<br />system by rehabilitating and improving an existing storm water culvert located under South
<br />Barton Road approximately 1,700 feet south of Lorain Road, related underground storm water
<br />D03: [00523.DOCS.NOR05225]NOTE_ORI)_STORM_SWRI_250.
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