2008-015 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2008-15 BY: Mayor O'Grady AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED STREETS IN THE CITY BY PREPARING THE SURFACE AND RESURFACING WITH ASPHALTIC CONCRETE, TOGETHER WITH THE 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 improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is 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 the aggregate principal amount of $1,000,000 (the Bonds) for the purpose of improving Clague Road, Decker Road, Eleanor Drive, Evelyn Drive, Gladland Avenue, Grace Road, Kennedy Ridge Road, Lewis Road, Martin Dr;ve, Oring Road, Root Road, Ivy Court, Tallwood Court and Tallwood Drive between certain tennini by preparing the surface and resurfacing with asphaltic concrete, together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately March 1, 2009, shall bear interest at the now estimated rate of 5% 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, 2010, and the first interest installment on the Bonds is estimated to be payable on December 1, 2009. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $1,000,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year froin the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Nutes that is up to sixty days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not to exceed 5% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the Certificate of Award.