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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE rro. 92- 94
<br />BY : Cnnnci 1 man Li nd
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$340,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING GREAT NORTHERN
<br />BOUTEVARD, COUNTRY CLUB BOULEVARD, VICTORIA LANE AND
<br />KFNNEDY RIDGE ROAD BETWEEN CERTAIN TERMINI BY REMOVING
<br />THE EXISTING PAVEMENT, GRADING, DRAINING, CURBING,
<br />PREPARING THE PAVEMENT BASE, PAVING AND CONSTRUCTING
<br />AND RECONSTRUCTING STORM SFWFRS ANn SANITARY SEWERS,
<br />WHE:RE NECESSARY, TOGETHER WITH THE NECESSARY APPURTE-
<br />NANCES THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 90-57, passed May 9, 1990, notes
<br />i.n anticipation of bonds in the amount of $340,000, dated June 12, 1990 were
<br />isstzed for t,he purpose stated in Section 1; which notes were retired at
<br />maturity with the proceeds of $340,000 notes dated March 5, 1991, issued in
<br />anticipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 91-21, passed February 6, 1991; whic2i notes were retired at
<br />maturity wit.h the proceeds of $340,000 notes dated December. 4, 1991, issued in
<br />ant.icipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 91-164, pa.ssed November 6, 1991 (the 1991 Notes), which 1991
<br />Notes are to mature on September 4, 1992; and
<br />WHEREAS, thi.s Council finds and determines that the City should
<br />retire the 1991 Notes with the proceeds of the Notes described in Section 3;
<br />and
<br />WHEREAS, the Director of Finance as fiscal o£ficer of this City has
<br />certified to this Council that the estimated li.fe 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 ttie Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is June 12, 2010;
<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 aggre-
<br />gate principal amount of $340,000 (the Bonds) to pay costs of improving Great
<br />Northern Boulevard from Lorain Road to Butternut Ridge Road, Country Club
<br />Boulevard f.rom Lorain Road to Columbia Road, Victoria Lane from Kennedy Ridge
<br />Road to Coutitry Club Boulevard and Kennedy Ridge Road from Butternut Ridge
<br />Road to Victoria Lane by removing the existing pavement, grading, draining,
<br />curbing, preparing the pavement base, paving and constructing and reconstruct-
<br />ing storm sewers and sanitary sewers, where necessary, together with the
<br />necessary appurtenances thereto.
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