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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-76
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $3,830,000 NOTES, IN ANTICIPA-
<br />TION OF THE ISSUANCE OF BONDS, FOR THE
<br />PURPOSE OF IMPROVING CERTAIN DESIGNATED
<br />STREETS IN THE CITY'S STREET SYSTEM BY
<br />GRADING, DRAINING, RECONSTRUCTING THE
<br />PAVEMENT BASE, PREPARING THE SURFACE
<br />AND SURFACING AND RESURFACING, CON-
<br />STRUCTING, RECONSTRUCTING AND REHABILI-
<br />TATING CATCH BASINS, CURBS, DRIVEWAY
<br />APRONS, SANITARY SEWERS AND SANITARY
<br />SEWER SERVICE CONNECTIONS, SIDEWALKS,
<br />STORM SEWERS AND WATER MAINS AND WATER
<br />SERVICE CONNECTIONS AND INSTALLING
<br />STREET LIGHTING, ALL WHERE NECESSARY, TO-
<br />GETHER WITH NECESSARY APPURTENANCES
<br />AND WORK INCIDENTAL THERETO, AND DE-
<br />CLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 95-64, passed on May 16, 1995, as amended
<br />by Ordinance No. 95-89, passed on June 6, 1995, notes in anticipation of bonds in the amount
<br />of $3,830,000 (the Outstanding Notes) were issued for the purpose described in Section l, as
<br />a part of a consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995,
<br />dated June 22, 1995, which Outstanding Notes are to mature 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 the improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is June 22, 2015;
<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 $3,830,000 (the Bonds) for the purpose of improving the City's street system (i) by
<br />grading, draining, curbing, reconstructing the pavement base and surfacing, reconstructing and
<br />rehabilitating catch basins, driveway aprons, sanitary sewers and samtary sewer service
<br />connections, sidewalks, storm sewers and water mams and water service connections and
<br />installing street lighting, where necessary, in Alden Drive, Alexander Road, Ambour Road,
<br />Beech Lane, Bretton Ridge Drive, Douglas Drive, Frank Street, Park Lane, Somerset Drive,
<br />Stafford Drive, Sweetbriar Drive and Willett Road; and (ii) by reconstructing sections of the
<br />pavement base, preparing the surface and resurfacing, reconstructing and rehabilitating catch
<br />D03:[00523.DOCS.NOR05225]NOTE ORD STREETSII $3 830.
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