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CITY OF NORTH OLMSTED ORDINANCE N0. 89-59 BY: COUNCILMAN WILAMOSKY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,025,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS, TO PAY COSTS OF IMPROVING NORTH OLMSTED INDUSTRIAL PARKWAY BETWEEN CERTAIN TERMINI BY GRADING, DRAINING, CURBING, PAVING AND CON- STRUCTING A WATER MAIN AND STORM AND SANITARY SEWERS, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, this Council has previously by proper legislation declared the necessity of the improvement described in Section 1; and WHEREAS, based on actual construction bids received and estimates of other costs, $1,025,000 of notes dated August 3, 1988 (the 1988 Notes) were issued, pursuant to Ordinance No. 88-70, passed June 21, 1988, in anticipation of bonds and the levy and collection of special assessments to pay costs of that improvement, which 1988 Notes are to mature on August 3, 1989; and WHEREAS, this Council finds and determines that the City should retire the 1988 Notes with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of F certified to this Council that the provement described in Section 1 is of the Bonds described in Section 1 of the Notes described in Section bonds, is August 3, 1993; finance as fiscal officer of this City has estimated life or usefulness of the im- at least five years, the maximum maturity is twenty years, and the maximum maturity 3, to be issued in anticipation of the 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 aggre- gate principal amount of $1,025,000 (the Bonds) in anticipation of the levy and collection of special assessments to pay costs of improving North Olmsted Industrial Parkway by grading, draining, curbing, paving and constructing a water main and storm and sanitary sewers, together with the necessary appurte- nances thereto, between certain termini and in the manner provided in Resolu- tion No. 88-68, adopted June 21, 1988. Section 2. The Bonds shall be dated approximately J~.~ly 1, 1990, shall bear interest at the now estimated rate of 7-1/2% per year, payable semi-annually until the principal amount is paid, and shall mature in twenty substantially equal annual installments.