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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-66
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $2,470,000 NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF IMFROVING CERTAIN
<br />DESIGNATED STREETS IN THE CITY' S STREET
<br />SYSTEM BY GRADING, DRAINING,
<br />RECONSTRUCTING THE PAVEMENT BASE,
<br />WIDENING, CONSTRUCTING, RECONSTRUCTING
<br />AND REHABILITATING BERMS, CATCH BASINS,
<br />CURBS, DRIVEWAY APRONS, SANITARY SEWERS
<br />AND SANITARY SEWER SERVICE CONNECTIONS,
<br />SIDEWALKS, STORM SEWERS AND WATER MAINS
<br />AND WATER SERVICE CONNECTIONS,
<br />INSTALLING STREET LIGHTING AND PREPARING
<br />THE SURFACE AND SURFACING AND
<br />RESURFACING, WHERE NECESSARY, IN EACH
<br />CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND ACQUIRING REAL ESTATE AND
<br />INTERESTS IN REAL ESTATE IN CONNECTION
<br />THEREWITH.
<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 fifteen years, and the maximum maturity of the Notes described in.
<br />Section 3, to be issued in 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 this City in the aggregate principal
<br />amount of $2,470,000 (the Bonds) for the purpose of improving the Ciry's street system (i) by
<br />reconstructing and rehabilitating sections of the pavement base, catch basins, curbs, sidewalks
<br />and driveway aprons, and preparing the surface and resurfacing, where necessary, in Bentley
<br />Drive, Berkshire Drive, Blossom Boulevard, Brookpark Road Extension, Clareshire Drive,
<br />Cottonwood Trail, Curtis Drive, Danberry Drive, Devon Drive, Dogwood Trail, Edgepark
<br />Drive, Hampton Drive, Marquette Boulevard, Oak Circle, Oak Lane, Plumwood Drive, Sparky
<br />Lane, Tree Lane, Tudor Drive and Woodpath Drive; (ii) by grading, draining, reconstructing
<br />the pavement base, widening, constructing, reconstructing and rehabilitating catch basins, curbs,
<br />driveway aprons, sanitary sewers and sanitary sewer service connections, sidewalks, storm
<br />sewers and water mains and water service connections, installing street lighting and preparing
<br />the surface and surfacing, where necessary, in Brighton Drive, Dover Center Road, Lorain
<br />Road, Mill Road, North Porter Road, Summerland Road, Surrey Drive and Virginia Road and
<br />acquiring real estate and interests in real estate in connection therewith; and (iii) by
<br />reconstructing and rehabilitating the berms, reconstructing the pavement base and surfacing and
<br />D03:[00523.DOCS.NOR05225]NOTE_ORD NM_STREETS_$2.470
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