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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-137
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $260,000 FOR THE PURPOSE OF IMPROVING THE
<br />CITY'S STORM WATER DRAINAGE SYSTEM BY
<br />REHABILITATING AND IMPROVING AN EXISTING STORM
<br />WATER CULVERT LOCATED UNDER SOUTH BARTON ROAD
<br />APPROXIMATELY 1,700 FEET SOUTH OF LORAIN ROAD,
<br />RELATED UNDERGROUND STORM WATER RETENTION BASINS
<br />AND RELATED OPEN STORM WATER DRAINAGE DITCHES
<br />AND ACQUIRING INTERESTS IN REAL ESTATE THEREFOR,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO.
<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 Ciry
<br />and the proceeds of $250,000 notes issued pursuant to Ordinance 95-78, passed on June 6, 1995,
<br />as amended by Ordinance No. 95-89, passed on June 6, 1995, as part of a consolidated issue
<br />of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995, which
<br />notes are retired at maturity with the proceeds of $250,000 notes (the Outstanding Notes) issued
<br />in anticipation of bonds pursuant to Ordinance No. 96-84, passed on May 9, 1996, as a part of
<br />a consolidated issue of $42,435,000 Various Purpose Improvement Notes, Series 1996, dated
<br />June 19, 1996, which Outstanding Notes are to mature on December 19, 1996; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Notes and up to an additional
<br />$10,000 to pay financing costs in connection therewith; 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 2 is at least five years and that the maximum maturity of the Bonds
<br />described in Section 1 is at least thirty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga Counry, Ohio, that:
<br />Section 1. Definitions and Interpretations. In addition to the words and terms
<br />elsewhere defined in this ordinance, unless the context or use clearly indicates another or
<br />different meaning or intent:
<br />D03:[00523.DOCS.NOR05228]BOND ORDINANCE STORM SWR $260 000.
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