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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 90-gg_
<br />By: Councilman Tallon
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,010,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS AND THE COLLECTION OF SPECIAL ASSESSMENTS
<br />HERETOFORE LEVIED TO PAY COSTS OF IMPROVING NORTH
<br />OLMSTED INDUSTRIAL PARKWAY BETWEEN CERTAIN TERMINI BY
<br />GRADING, DRAINING, CURBING, PAVING AND CONSTRUCTING A
<br />WATER MAIN AND STORM AND SANITARY SEWERS, TOGETHER
<br />WITH THE NECESSARY APPURTENANCES THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, this Council has previously by proper legislation declared
<br />the necessity of the improvement described in Section 1; and
<br />WHEREAS, based on actual construction bids received and estimates of
<br />other costs, $1,025,000 of notes dated August 3, 1989 (the 1989 Notes) were
<br />issued, pursuant to Ordinance No. 89-59, passed July 5, 1989, in anticipation
<br />of bonds and the levy and collection of special assessments to pay costs of
<br />that improvement, which 1989 Notes are to mature on August 2, 1990; and
<br />WIiEREAS, this Council finds and determines that the City should
<br />retire the 1989 Notes with the proceeds of the Notes described in Section 3
<br />and other funds available to the 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 period of usefulness of
<br />each class of the improvements described in Section 1 is at least five years,
<br />the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />twenty years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is August 3, 1993;
<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 in the
<br />aggregate principal amount of $1,010,000 (the Bonds) in anticipation of the
<br />collection of special assessments heretofore levied, to pay costs of improving
<br />North Olmsted Industrial Parkway by grading, draining, curbing, paving and
<br />constructing a water main and storm and sanitary sewers, together with the
<br />necessary appurtenances thereto, between certain termini and in the manner
<br />provided in Resolution No. 88-68, adopted June 21, 1988. That entire amount
<br />is the property owners' portion.
<br />Section 2. The Bonds shall be dated a
<br />shall bear interest at the now estimated rate
<br />annually until the principal amount is paid,
<br />twenty annuai principal installments that are
<br />principal and interest payments on the Bonds
<br />principal is payable is substantially equal, as
<br />Dproximately September 1, 1990,
<br />of 8% per year, payable semi-
<br />and are estimated to mature in
<br />in such amounts that the total
<br />in any fiscal year in which
<br />follows:
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