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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 99-98
<br />BY: COUNCILMAN TEiOMAS 0' GR.ADY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $1,100,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVIlNG
<br />CERTAIN DESIGNATED STREETS IN THE CITY, IN
<br />COOPERATION WITH CUYAHOGA COUNTY, THE CITY OF
<br />WESTLAKE AND THE DIRECTOR OF TRANSPORTATION
<br />OF THE STATE OF OHIO AND OTHERWISE, BY GRADING,
<br />DRAINING, CURBING, RECONSTRUCTING THE
<br />PAVEMENT BASE, PREPARING THE SURFACE,
<br />SURFACING AND RESURFACING AND INSTALLING
<br />STREET LIGHTING AND RELATED UNDERGROUND
<br />WIItING, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 99-22 passed on March 16, 1999, notes in
<br />anticipation of bonds in the amount of $1,100,000 (the Outstanding Notes) were issued for the
<br />improvements described in Section 1, as part of a consolidated issue of $2,050,000 Various Purpose
<br />Improvement Notes, Second Series, dated June 8, 1999, which Outstanding Notes are to mature on
<br />September 23, 1999; and
<br />WHEREAS, this Council finds and determines that the City should issue the notes
<br />described in Section 3 to provide the amount necessary, together with other funds available to the
<br />City, to retire the Outstanding Notes; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of the improvements described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1
<br />is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is fifteen years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal
<br />amount of $1,100,000 (the Bonds) for the purpose of improving, in cooperation with the Director of
<br />Transportation of the State of Ohio, Brookpazk Road from Great Northern Boulevard to the easterly
<br />corporation line by grading, draining, widening, conshucting and reconstructing curbs and surfacing
<br />and resurfacing; impmving, in cooperation with the City of Westlake, Maple Ridge Road from
<br />Walter Road westerly to Columbia Road; improving West 231St Street from Lorain Road to
<br />Alexander Road and, in cooperation with Cuyahoga County, Gessner Road from Lorain Road to
<br />Walter Road by preparing the surface and resurfacing; improving Woodview Drive from Sharon
<br />Drive to Bridgeport Drive by grading, draining, curbing, reconstructing the pavement base and
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