90-057 Ordinance - Laserfiche WebLink

Home Browse Search

?_ - ? . ? ? ? CITY OF NORTH OLMSTED ORDINANCE N0. 90- •57 BY: MRS SARINGER AN ORDINANCE PROVTDING FOR TFiE ISSUANCE AND SALE OF $340,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING GREAT NORTHERN BOULEVARD, COUNTRY CLUB BOULEVARD, VICTORIA LANE AND KENNEDY RIDGE ROAD BETWEEN CERTAIN TERMINI BY RFMOVING Z'HE EXISTING PAVEMENT, GRADING, DRAINING, CURBING, PRFPARING THE PAVEMF.NT BASE, PAVING AND CONSTRUCTING AND RECONSTRUCTING STORM SFWF.RS AND SANITARY SEWERS, WHERE NECESSARY, TOGETHER WITH THE NECESSARY APPURTE- NANCES THERETO. WHERF.AS, the Direct.or of_ Finance as fi.scal officer of t.his City has certi.fied to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years or more, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty years; NOW, TIiBREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is ner_essar.y to issue bonds of this City in the aggre- gate principal amount of $340,000 (the Bonds) to pay costs of improving Great Northern Boulevard from Lorain Road to Butternut Ridge Road, Country C1ub Boialevard from Lorain Road to Columbia Road, Victoria Lane from Kennedy Ridge Road to Country Club Boulevard and Kennedy Ridge Road from Butternut Ridge Road to Victoria Lane by removing tlie existing pavement, grading, draining, curbing, preparing the pavement base, paving and conatructing and reconstruct.- ing storm sewers and sanitary sewers, where necessary, together witYi the necessary appurtenances thereto. Section 2. The Bonds shal.l be dated approximately Marcli 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $340,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear ititerest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for i.n Section 4 of this ordinance and until the principal amount is paid or payment is pr.ovided for. If .requested by the original purchaser, ttie Notes may provide that, in the event the Ci.ty does not pay or make provision for payment at mattirity of the debt charges on the Notes, the principal amount of the Notes stiall bea.r interest at a different rate or rates not to exceed