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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-32
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,065,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH CUYAHOGA COUNTY AND
<br />OTHERWISE, BY GRADING, DRAINING, WIDENING,
<br />REPLACING SECTIONS OF CONCRETE PAVEMENT,
<br />PREPARING THE SURFACE AND SURFACING AND
<br />RESURFACING, AND CONSTRUCTING AND
<br />RECONSTRUCTING SIDEWALKS, MANHOLES, CATCH
<br />BASINS AND DRIVEWAY APPROACHES, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2004 -24 passed on March 16, 2005, notes in
<br />anticipation of bonds in the amount of $1,165,000 (the Outstanding Notes), were issued for the
<br />improvements described in Section 1, as a part of a consolidated issue of $3,675,000 Capital
<br />Improvement Notes, Series 2004, dated May 4, 2004, which Outstanding Notes are to mature on
<br />May 4, 2005; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes 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 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 May 4, 2019;
<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 the aggregate principal amount of
<br />$1,065,000 (the Bonds) to pay costs of (i) improving Clague Road from Lorain Road northerly to
<br />the northerly corporate line by grading, draining, widening, preparing the surface, surfacing and
<br />resurfacing, and constructing and reconstructing catch basins, manholes, sidewalks and driveway
<br />approaches, where necessary; (ii) improving Butternut Ridge Road, Charles Road, Grace Road,
<br />Louis Drive, and Theresa Lane between certain termini by preparing the surface and resurfacing,
<br />(iii) improving Andorra Drive, Azalea Lane, Bristol Lane, Camellia Lane, Country Club Boulevard,
<br />Darby Lane, Fairfax Lane, Gardenia Drive, Industrial Parkway, Kew Drive, Kingston Circle,
<br />Nandina Drive, Oring Drive, Park Place, Southern Avenue, Sudbury Drive, Sweetbriar Drive,
<br />
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