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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2019-119
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF NOT TO EXCEED $1,055,000 OF NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING ALDEN DRIVE, ASHBURY PARK
<br />DRIVE, BRENDAN CIRCLE, BRENDAN LANE, BRIGHTON
<br />DRIVE, CAMBRIDGE DRIVE, FOREST RIDGE DRIVE,
<br />HAMPTON DRIVE AND SOMERSET DRIVE BETWEEN
<br />CERTAIN TERMINI IN THE CITY BY RECONSTRUCTING
<br />AND REHABILITATING THE PAVEMENT BASE, ADJUSTING,
<br />CONSTRUCTING AND RECONSTRUCTING CATCH BASINS,
<br />CURBS AND CURB RAMPS, MANHOLES AND UTILITY
<br />VALVE AND MONUMENT BOXES, WHERE NECESSARY,
<br />PREPARING THE SURFACE AND RESURFACING, IN EACH
<br />CASE TOGETHER WITH NECESSARY APPURTENANCES
<br />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 each class of the improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is at least ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in 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 $1,055,000 (the Bonds) to provide funds to pay costs of improving Alden Drive, Ashbury
<br />Park Drive, Brendan Circle, Brendan Lane, Brighton Drive, Cambridge Drive, Forest Ridge Drive,
<br />Hampton Drive and Somerset Drive between certain termini in the City by reconstructing and
<br />rehabilitating the pavement base, adjusting, constructing and reconstructing catch basins, curbs and
<br />curb ramps, manholes and utility valve and monument boxes, where necessary, preparing the
<br />surface and resurfacing, in each case together with necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately February 1, 2021, 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, 2021, and the first
<br />interest installment on the Bonds is estimated to be payable on June 1, 2021.
<br />Section 3. It is necessary to issue and this Council determines that notes in an aggregate
<br />principal amount not to exceed $1,055,000 (the Notes) shall be issued in anticipation of the issuance
<br />Series J — Street Resurfacing Program 2020
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