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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2019 - 3
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $1,565,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING ALDEN
<br />DRIVE AND CERTAIN OTHER DESIGNATED STREETS
<br />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; AND DECLARING AN
<br />EMERGENCY
<br />WHEREAS, pursuant to Ordinance No. 2018-10 passed by this Council on February 20,
<br />2018, a note in anticipation of bonds in the amount of $1,728,500 (the Outstanding Note) was
<br />issued for the purpose stated in Section 1, as part of a consolidated issue of $1,990,000 Capital
<br />Improvement and Equipment Notes, Series 2018, dated April 24, 2018, which Outstanding Note is
<br />to mature on April 23, 2019; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<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 April 24, 2033;
<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 $1,565,000 (the Bonds) to provide funds to pay costs of improving Alden Drive, Ashton
<br />Circle, Broxbourne Road, Cedarwood Lane, Dewey Drive, Douglas Drive, Elmhurst Road, Frank
<br />Road, Lansing Drive, Linden Circle, Oak Lane, Wellseley Avenue, Whitehaven Avenue and, in
<br />cooperation with the County of Cuyahoga, MacKenzie 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 />Series A - Street Improvements 2018
<br />
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