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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-31
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $1,270,000 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 THE OHIO DEPARTMENT OF
<br />TRANSPORTATION AND OTHERWISE, BY GRADING,
<br />DRAINING, WIDENING, REPLACING SECTIONS OF
<br />PAVEMENT, PREPARING THE SURFACE, SURFACING AND
<br />RESURFACING, CONSTRUCTING AND RECONSTRUCTING
<br />SECTIONS OF THE PAVEMENT BASE, CURBS, GUTTERS,
<br />CATCH BASINS, SIDEWALKS AND DRIVEWAY
<br />APPROACHES AND INSTALLING TRAFFIC SIGNS,
<br />SIGNALIZATION AND SIGNALIZATION SYSTEMS, 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. 2002 -54 passed on April 30, 2002, notes in
<br />anticipation of bonds in the amount of $1,375,000 were issued for the improvements described in
<br />Section 1, as a part of a consolidated issue of $1,665,000 Capital Improvement Notes, Series 2002,
<br />dated June 18, 2002, which notes were retired at maturity with funds available to the City and the
<br />proceeds of $1,375,000 notes, issued in anticipation of bonds pursuant to Ordinance No. 2003 -52
<br />passed on May 7, 2003, as a part of a consolidated issue of $2,195,000 Capital Improvement Notes,
<br />Series 2003, dated June 18, 2003, which notes were retired at maturity with funds available to the
<br />City and the proceeds of $1,370,000 notes (the Outstanding Notes), issued in anticipation of bonds
<br />pursuant to Ordinance No. 2004 -33 passed on April 6, 2004, as a part of a consolidated issue of
<br />$3,675,000 Capital Improvement Notes, Series 2004, dated May 4, 2004, which Outstanding Notes
<br />are to mature on 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 June 18, 2017;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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