|
_~......~,,,..s,~.... _ _ ~ U ~~..,~~,..~ew
<br />,~ t
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 87- 49
<br />By; MR. WILAMOSKY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $90,000
<br />NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY
<br />COSTS OF IMPROVING LORAIN ROAD (STATE ROUTE 10) BETWEEN
<br />CERTAIN TERMINI, IN COOPERATION WITH THE DIRECTOR OF
<br />TRANSPORTATION OF THE STATE OF OHIO, BY RESURFACING WITH
<br />ASPHALTIC CONCRETE AND RECONSTRUCTING THE PAVEMENT BASE,
<br />CURBS AND SIDEWALRS, WHERE NECESSARY, TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 84-51 passed June 13, 1984, notes
<br />in anticipation of bonds in the amount of $205,000, dated July 17, 1984, were
<br />issued for the purpose stated in Section 1, which notes were retired at
<br />maturity with funds available to the City and the proceeds of $120,000 notes
<br />dated July 17, 1985, issued in anticipation of bonds pursuant to Ordinance No.
<br />85-63, passed June 5, 1985, which notes were retired at maturity with funds
<br />available to the City and the proceeds of $100,000 notes dated July 17, 1986,
<br />issued in anticipation of bonds pursuant to Ordinance No. 86-47, passed June
<br />17, 1986, which notes are to mature on July 16, 1987; and
<br />WHEREAS, this Council finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes described in Section 3 and other funds available to the
<br />City; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or usefulness of the im-
<br />provement described in Section 1 is at least five years, the maximum maturity
<br />of the bonds referred to in Section 1 is twenty years, and the maximum matur-
<br />ity of the notes referred to in Section 3, to be issued in anticipation of the
<br />bonds, is July 17, 2004, or one year if sold at private sale;
<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 (the Bonds)
<br />in the principal amount of $90,000 to pay costs of improving Lorain Road
<br />(State Route 10) from Brook Park Road (State Route 17) easterly to the easter-
<br />ly corporate line, in cooperation with the Director of Transportation of the
<br />State of Ohio, by resurfacing with asphaltic concrete and reconstructing the
<br />pavement base, curbs and sidewalks, where necessary, together with all neces-
<br />sary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1988,
<br />shall bear interest at the now estimated rate of 9X per annum, payable semi-
<br />annually until the principal amount is paid, and shall mature in twenty
<br />substantially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $90,000 (the Notes) shall be issued
<br />in anticipation of the issuance of the Bonds and to retire, together with
<br />other funds available to the City, the outstanding notes dated July 17, 1986.
<br />The Notes shall bear interest at a rate or rates not to exceed 7X per annum,
<br />payable at maturity. The rate or rates of interest on the Notes shall be
<br />determined by the Director of Finance in the certificate awarding the Notes in
<br />accordance with Section b of this ordinance.
<br />
|