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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2014-97
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $1,270,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING
<br />GREAT NORTHERN BOULEVARD BETWEEN CERTAIN
<br />TERMINI, IN COOPERATION WITH THE
<br />DEPARTMENT OF TRANSPORTATION OF THE STATE
<br />OF OHIO, BY WIDENING, CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING THE
<br />PAVEMENT BASE, PREPARING THE SURFACE,
<br />SURFACING AND RESURFACING AND INSTALLING
<br />TRAFFIC SIGNS AND SIGNALIZATION, WHERE
<br />NECESSARY, AND IMPROVING ANGELA DRIVE AND
<br />CERTAIN OTHER DESIGNATED STREETS IN THE CITY
<br />BETWEEN CERTAIN TERMINI BY RECONSTRUCTING
<br />AND REHABILITATING THE PAVEMENT BASE,
<br />CONSTRUCTING AND RECONSTRUCTING CURBS AND
<br />CURB RAMPS AND ADJUSTING CATCH BASINS,
<br />MANHOLES AND UTILITY VALVE AND MONUMENT
<br />BOXES, WHERE NECESSARY, PREPARING THE
<br />SURFACE AND RESURFACING, AND IMPROVING, IN
<br />EACH CASE TOGETHER WITH NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to
<br />exceed $1,270,000 (the Bonds) to provide funds to pay costs of (i) improving Great Northern
<br />Boulevard from Brookpark Road to the westbound entrance and exit ramps to I -480, in cooperation
<br />with the Department of Transportation of the State of Ohio, by widening, constructing,
<br />reconstructing and rehabilitating the pavement base, preparing the surface, surfacing and resurfacing
<br />and installing traffic signs and signalization, where necessary, in each case together with the
<br />necessary appurtenances and work incidental thereto, and (ii) improving Angela Drive, Bellevue
<br />Drive, Clinton Drive, Croton Drive, Evergreen Drive, Gloucester Drive, Kenny Lane, Linda Drive,
<br />Marcie Lane. Marquette Boulevard, Michael Avenue, Nantucket Drive, Paisley Drive, Pompton
<br />Drive, Revere Drive, Shepherd Hill Lane, Westview Drive, Willet Circle and Willet Road between
<br />certain termini by reconstructing and rehabilitating the pavement base, constructing and
<br />Street Improvements 2015
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