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2011 and 2012 Street Programs
<br />Renewal
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2012-89
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $930,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING ARLINGTON LANE
<br />AND CERTAIN OTHER DESIGNATED STREETS IN THE CITY BY
<br />RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE,
<br />CONSTRUCTING AND RECONSTRUCTING CURBS AND CURB RAMPS
<br />AND ADJUSTING CATCH BASINS, MANHOLES AND WATER VALVE AND
<br />MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE
<br />AND RESURFACING, IN EACH CASE TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND 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 was issued to provide funds to pay costs of
<br />improving Allendale Drive, Arlington Lane, Amesbury Drive, Carey Lane, Dogwood Trail, Dorothy
<br />Drive, Elder Drive, Fairlawn Drive, Forestwood Parkway, Gessner Road, Linwood Circle, Lusandra
<br />Circle, Magnolia Drive and Northern Avenue between certain termini by reconstructing and
<br />rehabilitating the pavement base, constructing and reconstructing curbs and curb ramps and
<br />adjusting catch basins, manholes and water valve and monument boxes, where necessary,
<br />preparing the surface and resurfacing, as a part of a consolidated issue of $1,365,000 Capital
<br />Improvement and Equipment Notes, Series 2011, dated June 8, 2011, which note was retired with
<br />funds available to the City and the proceeds of a$508,700 note (the Outstanding Series A Note)
<br />issued in anticipation of bonds pursuant to Ordinance No. 2012-11 passed February 21, 2012, as a
<br />part of a consolidated issue of $2,890,000 Capital Improvement and Equipment Notes, Series 2012,
<br />dated April 24, 2012 (the 2012 Consolidated Note Issue), which Outstanding Series A Note is to
<br />mature on February 27, 2013; and
<br />WHEREAS, pursuant to Ordinance No. 2012-15 passed March 7, 2012, a note in
<br />anticipation of bonds in the amount of $507,000 (the Outstanding Series B Note) was issued to
<br />provide funds to pay costs of improving Aspen Drive, Bailey Road, Berkshire Drive, Clareshire
<br />Drive, Deepwoods Way, Fleharty Road, Holly Drive, Sawmill Circle, Spruce Drive, West Park Drive
<br />and Woodside Drive between certain termini by reconstructing and rehabilitating the pavement base,
<br />constructing and reconstructing curbs and curb ramps and adjusting catch basins, manholes and water
<br />valve and monument boxes, where necessary, preparing the surface and resurfacing, together with
<br />necessary appurtenances and work incidental thereto, as a part of the 2012 Consolidated Note Issue,
<br />which Outstanding Series B Note is to mature on February 27, 2013; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Series A Note and the Outstanding
<br />Series B Note (collectively, the Outstanding Notes) at their maturity; and
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