Ordinance 2015-087 - Laserfiche WebLink

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Series 2015G CITY OF NORTH OLMSTED ORDINANCE NO. 2015-87 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,270,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING GREAT NORTHERN BOULEVARD BETWEEN CERTAIN TERMINI, IN COOPERATION WITH THE DEPARTMENT OF TRANSPORTATION OF THE STATE OF OHIO, BY WIDENING, CONSTRUCTING, RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, PREPARING THE SURFACE, SURFACING AND RESURFACING AND INSTALLING TRAFFIC SIGNS AND SIGNALIZATION,WHERE NECESSARY,AND IMPROVING ANGELA DRIVE AND CERTAIN OTHER DESIGNATED STREETS IN THE CITY BETWEEN CERTAIN TERMINI BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, CONSTRUCTING AND RECONSTRUCTING CURBS AND CURB RAMPS AND ADJUSTING CATCH BASINS, MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, AND IMPROVING, IN EACH CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; AUTHORIZING AND DIRECTING THE PREPAYMENT OF AN OUTSTANDING NOTE ISSUED IN ANTICIPATION OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2014-97 passed by this Council on December 18, 2014 and a certificate of award dated January 21, 2015 (the Prior Note Legislation), a note in anticipation of bonds in the amount of$1,270,000 (the Outstanding Note) was issued as part of a consolidated issue of $5,340,000 Capital Improvement Notes, Series 2014, dated February 3, 2015, to provide funds to pay costs of the improvements described in Section 2; and WHEREAS, the Outstanding Note is to mature on February 3, 2016, but is now subject to prepayment prior to maturity at the option of the City; and WHEREAS, this Council finds and determines that the City should (i) retire the Outstanding Note with proceeds of the Bonds described in Section 2 and other funds available to the City, (ii) exercise the City's option to prepay the Outstanding Note on a date within 30 days after the date of issuance of the Bonds determined and specified as provided in Section 7, and (iii) authorize the issuance and sale of the Bonds described in Section 2 to provide the funds required for the retirement of the Outstanding Note and to pay costs of issuance of the Bonds; and WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements