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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2012-11
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $508,700 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF IMPROVING ALLENDALE DRIVE, ARLINGTON
<br />LANE, AMESBURY DRIVE, CAREY LANE, DOGWOOD
<br />TRAIL, DOROTHY DRIVE, ELDER DRIVE, FAIRLAWN
<br />DRIVE, FORESTWOOD PARKWAY, GESSNER ROAD,
<br />LINWOOD CIRCLE, LUSANDRA CIRCLE, MAGNOLIA
<br />DRIVE AND NORTHERN AVENUE BETWEEN CERTAIN
<br />TERMINI BY RECONSTRUCTING AND REHABILITATING
<br />THE PAVEMENT BASE, CONSTRUCTING AND
<br />RECONSTRUCTING CURBS AND CURB RAMPS AND
<br />ADJUSTING CATCH BASINS, MANHOLES AND WATER
<br />VALVE AND MONUMENT BOXES, WHERE NECESSARY,
<br />PREPARING THE SURFACE AND RESURFACING, AND
<br />DECLARiNG AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2011-34 passed April 19, 2011, a note in
<br />anticipation of bonds in the amount of $605,000 (the Outstanding Note) was issued for the purpose
<br />stated in Section 1, as part of a consolidated issue of $1,365,000 Capital Improvement and
<br />Equipment Notes, Series 2011, dated June 8, 2011, which Outstanding Note is to mature on June 8,
<br />2012; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note 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 the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years,
<br />and the maacimum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is June 8, 2026;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$508,700 (the Bonds) to provide funds to pay costs of improving Allendale Drive, Arlington
<br />Lane, Amesbury Drive, Carey Lane, Dogwood Trail, Dorothy Drive, Elder Drive, Fairlawn
<br />Drive, Forestwood Parkway, Gessner Road, Linwood Circle, Lusandra Circle, Magnolia Drive
<br />and Northern Avenue between certain termini by reconstructing and rehabilitating the pavement
<br />base, constructing and reconstructing curbs and curb ramps and adjusting catch basins, manholes
<br />and water valve and monument boxes, where necessary, preparing the surface and resurfacing.
<br />2011 Street Improvement Program
<br />Renewal
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