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ORDINANCE NO. 96-130
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $2,530,000 FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY'S STREET
<br />SYSTEM BY GRADING, DRAINING, RECONSTRUCTING THE
<br />PAVEMENT BASE, WIDENING, CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING BERMS, CATCH
<br />BASINS, CURBS, DRIVEWAY APRONS, SANITARY SEWERS AND
<br />SANITARY SEWER SERVICE CONNECTIONS, SIDEWALKS,
<br />STORM SEWERS AND WATER MAINS AND WATER SERVICE
<br />CONNECTIONS, INSTALLING STREET LIGHTING AND
<br />PREPARING THE SURFACE AND SURFACING AND
<br />RESURFACING, WHERE NECESSARY, IN EACH CASE
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO, AND ACQUIRING REAL ESTATE
<br />AND INTERESTS IN REAL ESTATE IN CONNECTION
<br />THEREWITH.
<br />WHEREAS, pursuant to Ordinance No. 96-66, passed on May 9, 1996, notes in
<br />anticipation of bonds in the amount of $2,470,000 (the Outstanding Notes) were issued for the
<br />purpose described in Section 2, as a part of a consolidated issue of $42,435,000 Various Purpose
<br />Improvement Notes, Series 1996, dated June 19, 1996, which Outstanding Notes are to mature
<br />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 />$60,000 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 the improvements
<br />described in Section 2 is at least five years and that the maximum maturity of the Bonds
<br />described in Section 2 is fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, 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 />"Annual Information" means annual financial information and operating data of the
<br />type to be specified in the Continuing Disclosure Certificate in accordance with the Rule.
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds,
<br />if any, the denomination equal to the original principal amount that, when interest is accrued and
<br />compounded thereon on each Interest Accretion Date to the stated maturity of those Bonds, will
<br />equal a Maturity Amount of $5,000 or any integral multiple thereof and (b) with respect to
<br />Current Interest Bonds, the denomination of $5,000 or any integral multiple thereof.
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_NM STREETS_$2_530.
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