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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 90-104
<br />BY: Councilman Talion
<br />AN ORDINANCE AUTHORIZING FUNDS TO BE TRANSFERRED
<br />FROM THE FACILITY PLAN STEP III FUND TO THE SEWER
<br />REVENUE FUND IN REIMBURSEMENT OF MONEYS PREVIOUSLY
<br />ADVANCED TO PAY COSTS OF ENGINEERING SERVICES, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 84-29 passed March 29, 1984, notes
<br />in anticipation of bonds in the amount of $5,315,000, dated May 4, 1984, were
<br />issued for ttie purpose of paying costs of improving and expanding the
<br />municipal wastewater and treatment facilities, which notes were retired at
<br />maturity with the proceeds of $5,315,000 bond anticipation notes, dated
<br />November 1, 1984, issued pursuant to Ordinance No. 84-97 passed October 25,
<br />1984, whicti notes were retired at maturity with the proceeds of $5,315,000
<br />bond anticipation notes, dated May 1, 1985, issued pursuant to Ordinance No.
<br />85-36 passed April 16, 1985, which notes were retired at maturity with funds
<br />available to the City and a portion of the proceeds of $4,000,000 Sanitary
<br />Sewerage System Improvement Bonds, dated as of October 1, 1985 (the Bonds),
<br />issued pursuant to Ordinance No. 85-75 passed July 9, 1985 to retire those
<br />not.es and to provide $460,000 to pay costs of further improving the municipal
<br />sanitary sewer system by rehabilitating and reconstructing sanitary sewers,
<br />sanitary sewer connections, pump stations and manholes and installing water-
<br />tight manhole inserts, where necessary, all together with the necessary
<br />appurtenances thereto; and
<br />WHEREAS, ttie proceeds from the sale of those bond anticipation notes
<br />and the Bonds were deposited in the City's Facility Plan Step III Fund (the
<br />Improvement Fund); and
<br />WHEREAS, a portion of the proceeds of the Bonds and the notes issued
<br />in anticipation thereof was to be used to reimburse the Sewer Revenue Fund for
<br />moneys advanced to pay $263,346 of costs of engineering services in connection
<br />with those improvements to the City's sanitary sewer system; and
<br />WIIEREAS, to date, no moneys in the Imp.rovement Fund have been
<br />transferred to the Sewer Revenue Fund in reimbursement of moneys expended to
<br />pay costs of those engineering services; and
<br />WHEREAS, ttiis Council has determined that it is necessary and
<br />appropriate to transfer $263,346 from the Improvement Fund to the Sewer
<br />Revenue Fund to reimburse the Sewer Revenue Fund for moneys expended to pay
<br />costc of engineering services in connection with those improvements to the
<br />City's sanitary sewer system;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />0lmsted, Cuyahoga County, Ohio, that:
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