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<br />WHEREAS, the 1993A Notes and the 1993B Notes were retired at maturity with
<br />proceeds of $2,400,000 notes issued in anticipation of bonds pursuant to Ordinance No. 94-49,
<br />passed on March 1, 1994, as a part of a consolidated issue of $3,600,000 Various Purpose
<br />Notes, Series 1994B, dated March 24, 1994, which notes were retired at maturity with the
<br />proceeds of $2,400,000 notes (the 1994E Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 94-132, passed on September 20, 1994, as a part of a consolidated issue of
<br />$11,755,000 Various Purpose Improvement Notes, Series 1994E, dated October 18, 1994; and
<br />WHEREAS, the 1994C Notes and the 1994E Notes were retired at maturity with the
<br />proceeds of $7,660,000 notes (the Outstanding Notes) issued in anticipation of bonds for the
<br />purpose described in Section 1 pursuant to Ordinance No. 95-70, passed on June 6, 1995, as
<br />amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a consolidated issue of
<br />$35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995, which
<br />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 the improvements
<br />described in Section 1 is at least five years, the maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maxunum 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 $7,660,000 (the Bonds) for the purpose of improving the City's street system by
<br />grading, draining, widening, reconstructing the pavement base, preparing the surface and
<br />surfacing and resurfacing, constructing, reconstructing and rehabilitating catch basins, curbs,
<br />driveway aprons, manholes, sanitary sewers and sanitary sewer service connections, sidewalks,
<br />storm sewers and water mains and water service connections, and installing street lighting, all
<br />where necessary, in Cambridge Drive, Christman Drive, Hastings Drive, Stewart Avenue,
<br />Sutton Drive, Birch Lane, Coe Avenue, East Oxford Oval, Esther Avenue, Hawkins Road,
<br />MacBeth Avenue, Noreen Drive, North Oxford Oval, Olmsted Oval, Palm Drive, South Oxford
<br />Oval, Westchester Drive, West Oxford Oval, Oak Lane, Antler Drive, Doe Drive, Hunter
<br />Drive, Bellevue Drive, Berkshire Drive, Croton Drive, David Drive, Devon Drive, Dorothy
<br />Drive, Glouchester Drive, Hampton Drive, Midvale Drive, Northern Avenue, Paisley Drive,
<br />Pompton Drive, Southern Avenue, Tudor Drive, Vincent Drive, Willet Circle, Butternut Ridge
<br />Road, Alden Drive, Dewey Road, Douglas Drive, Sweetbriar Drive, Willet Road, Maria Lane,
<br />Rosita Lane, Deerf'ield Drive, Dawn Drive, Dawn Circle, Chase Drive, Fawn Drive, Brighton
<br />Drive, Surrey Drive, Stafford Drive, Sommerset Drive, Allendale Drive, Amesbury Drive,
<br />Ashton Circle, Beaumont Drive, Bretton Ridge Drive, Carey Lane, Carla Lane, Cedarwood
<br />Lane, Chadbourne Drive, Clayton Drive, Clinton Drive, Decker Road, Delmere Drive,
<br />Dorchester Drive, Fairlawn Drive, Huntington Drive, LeBern Drive, Revere Drive, South Porter
<br />Road, Warrington Drive, Wellington Drive, Westminster Drive, Woodview Drive, Frank Street,
<br />Park Lane, Ambour Drive, Beech Lane and Alexander Road, in each case together with
<br />necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear
<br />interest at the now estimated rate of 6-3/4% per year, payable semiannually until the principal
<br />D03:[00523.DOCS.NOR05225]NOTE ORD STREETSI $7 660.
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