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<br />. V ?
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 90-90
<br />gy: Councilman Tallon
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,010,000 BONDS IN ANTICIPATION OF THE COLLECTION
<br />OF SPECIAL ASSESSMENTS HERETOFORE LEVIED, TO PAY
<br />COSTS OF IMPROVING NORTH OLMSTED INDUSTRIAL PARKWAY
<br />BETWEEN CERTAIN TERMINI BY GRADING, DRAINTNG,
<br />CURBING, PAVING AND CONSTRUCTING A WATER MAIN ANA
<br />STORM AND SANITARY SEWERS, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, this Council has previously by proper legislation declared
<br />the necessity of the improvement described in Section 1, caused the construc:-
<br />tion of that improvement to be completed and levied special assessments there-
<br />for; and
<br />WHEREAS, based on actual construction bids received and estimates of_
<br />oth.er costs, $1,025,000 of notes dated August 3, 1988 (the 1988 Notes) WPLP_
<br />issued, pursuant to Ordinance No. 88-70, passed June 21, 1988, in ant:icipation.
<br />of bonds and the levy and collection of special assessments to pay costs of_
<br />that improvement, which 1988 Notes were discharged on August 3, 1989 witti tlie
<br />proceeds of $1,025,000 of notes dated August 3, 1989 (the 1989 Notes) wki:i.ch
<br />were issued, pursuant to Ordinance No. 89-59, passed July 5, 1989, in antic:i-
<br />pation of bonds and the levy and collection of special assessments to pay
<br />costs of that improvement and are to be discharged on August 2, 1990 with the
<br />proceeds of $1,010,000 of notes to be dated August 1, 1990 (the 1990 Notes),
<br />issued in anticipation of bonds and the levy and coliection of special
<br />assessments and other funds available to the City, which 1990 Notes will
<br />mature on October 1, 1990; and
<br />WHEREAS, this Council finds and determines that the City shoul.d
<br />retire the 1990 Notes with the proceeds of the Bonds described in Section 1
<br />and other funds available to the City;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Nort.b.
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggre-
<br />gate principal amount of $1,010,000 (the Bonds) in anticipation of tlie col.:tec-
<br />tion of special assessments heretofore levied, to pay costs o£ improvi.ng Nortll
<br />Olmsted Industrial Parkway between certain termini by grading, draining, curb-
<br />ing, paving and constructing a water main and storm and sanitary sewers,
<br />together with the necessary appurtenances thereto, in the manner provided in
<br />Resolution No. 88-68 adopted June 21, 1988. That entire amount is the prop-
<br />erty owners' portion.
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