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<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-128
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $3,920,000 FOR THE PURPOSE OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY'S STREET
<br />SYSTEM BY GRADING, DRAINING, RECONSTRUCTING THE
<br />PAVEMENT BASE, PREPARING THE SURFACE AND SURFACING
<br />AND RESURFACING, CONSTRUCTING, RECONSTRUCTING AND
<br />REHABILITATING CATCH BASINS, CURBS, DRIVEWAY
<br />APRONS, SANITARY SEWERS AND SANITARY SEWER SERVICE
<br />CONNECTIONS, SIDEWALKS, STORM SEWERS AND WATER
<br />MAINS AND WATER SERVICE CONNECTIONS AND
<br />INSTALLING STREET LIGHTING, ALL WHERE NECESSARY, IN
<br />EACH CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO.
<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 were issued for the purpose described in Section 2, as a part of a consolidated
<br />issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995,
<br />which notes were retired at maturity with the proceeds of $3,830,000 notes (the Outstanding
<br />Notes) issued in anticipation of bonds pursuant to Ordinance No. 96-76, passed May 9, 1996,
<br />as a part of a consolidated issue of $42,435,000 Various Purpose Improvement Notes, Series
<br />1996, dated June 19, 1996, which Outstanding Notes are to mature 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 />$90,000 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 twenry 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 Interoretations. '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_STREETS_$3_920.
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