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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-1
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $1,605,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING
<br />BARTON ROAD AND CERTAIN OTHER DESIGNATED
<br />STREETS BETWEEN CERTAIN TERMINI IN THE CITY BY
<br />RECONSTRUCTING AND REHABILITATING THE
<br />PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND
<br />RECONSTRUCTING CATCH BASINS, CURBS AND CURB
<br />RAMPS, MANHOLES AND UTILITY VALVE AND
<br />MONUMENT BOXES, WHERE NECESSARY, PREPARING
<br />THE SURFACE AND RESURFACING, IN EACH CASE
<br />TOGETHER WITH NECESSARY APPURTENANCES AND
<br />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 at least
<br />ten years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is at least 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 $1,605,000 (the Bonds) to provide funds to pay costs of improving Barton Road, Bentley
<br />Drive, Birch Circle, Cinnamon Way, Concord Drive, Cottonwood Trail, Curtis Drive, Danberry
<br />Drive, Gessner Road, Industrial Parkway, Plumwood Drive, Vincent Drive, Windsor Drive and, in
<br />cooperation with the City of Westlake, Walter Road between certain termini in the City by
<br />reconstructing and rehabilitating the pavement base, adjusting, constructing and reconstructing
<br />catch basins, curbs and curb ramps, manholes and utility valve and monument boxes, where
<br />necessary, preparing the surface and resurfacing, in each case together with necessary
<br />appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately February 1, 2017, shall bear interest at
<br />the now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in ten annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2017, and the first
<br />interest installment on the Bonds is estimated to be payable on June 1, 2017.
<br />Section 3. It is necessary to issue and this Council determines that notes in an aggregate
<br />principal amount not to exceed $1,605,000 (the Notes) shall be issued in anticipation of the issuance
<br />Street Improvements 2016
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