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CITY OF NORTH OLMSTED ORDINANCE NO. 2019 - 8 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $605,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY A PORTION OF THE COST OF IMPROVING BRETTON RIDGE DRIVE AND CERTAIN OTHER DESIGNATED STREETS BETWEEN CERTAIN TERMINI BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND RECONSTRUCTING CATCH BASINS, CURBS AND CURB RAMPS, MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is at least fifteen years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to exceed $605,000 (the Bonds) to provide funds to pay a portion of the cost of improving Bretton Ridge Drive, Brookpark Road Extension, Gareau Drive, Georgette Avenue, Newton Circle, Sherw000d Drive and Sparky Lane between certain termini in the City by reconstructing and rehabilitating the pavement base, adjusting, constructing and reconstructing catch basins, curbs and curb ramps, manholes and utility valve and monument boxes, where necessary, preparing the surface and resurfacing, in each case together with necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately March 1, 2020, shall bear interest at the now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2020, and the first interest installment on the Bonds is estimated to be payable on June 1, 2020. Section 3. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $605,000 (the Notes) shall be issued in anticipation of the issuance Series F — Street Improvements 2019