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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 103
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF NOT TO EXCEED $1,415,000 OF NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />PART OF THE CITY'S PORTION OF THE COSTS OF
<br />IMPROVING BROOKPARK ROAD BETWEEN CERTAIN
<br />TERMINI, IN COOPERATION WITH THE DEPARTMENT OF
<br />TRANSPORTATION OF THE STATE OF OHIO, BY GRADING,
<br />DRAINING, CURBING, RECONSTRUCTING AND
<br />REHABILITATING THE PAVEMENT BASE, AND 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 AND
<br />PROVIDING DECORATIVE LIGHTING AND LANDSCAPING,
<br />IN 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 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 fifteen years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is two hundred forty months;
<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 $1,415,000 (the Bonds) to provide funds to pay part of the City's portion of the costs of
<br />improving Brookpark Road from the easterly corporate line westerly to its intersection with Lorain
<br />Road, in cooperation with the Department of Transportation of the State of Ohio, by grading,
<br />draining, curbing, reconstructing and rehabilitating the pavement base, and adjusting constructing
<br />and reconstructing catch basins, curbs and curb ramps, manholes and utility valve and monument
<br />boxes, where necessary, preparing the surface and resurfacing and providing decorative lighting and
<br />landscaping, in each case together with necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately April 1, 2021, shall bear interest at the
<br />now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are
<br />estimated to mature in fifteen 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 />Brookpark Road Improvement Project
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