2019-118 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2019-118 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $1,165,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING COUNTRY CLUB BOULEVARD BETWEEN CERTAIN TERMINI IN THE CITY BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, CONSTRUCTING A NEW CENTER ISLAND, CONSTRUCTING AND RECONSTRUCTING SIDEWALKS, CURBS AND CURB RAMPS AND ADJUSTING MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND SURFACING AND RESURFACING, AND ACQUIRING AND INSTALLING STREET LIGHTING AND LANDSCAPING, IN EACH CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND MAKING RELATED SIDEWALK IMPROVEMENTS ON COLUMBIA ROAD WHEREAS, the Director of Finance, as fiscal officer of this City, has certified 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 at least fifteen years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is two hundred forty months; NOW, THEREFORE, BE 1T ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to exceed $1,165,000 (the Bonds) to provide funds to pay costs of improving Country Club Boulevard from Great Northern Boulevard to Columbia Road by reconstructing and rehabilitating the pavement base, constructing a new center island, constructing and reconstructing sidewalks, curbs and curb ramps and adjusting manholes and utility valve and monument boxes, where necessary, preparing the surface and surfacing and resurfacing and acquiring and installing street lighting and landscaping, in each case together with necessary appurtenances and work incidental thereto, and making related sidewalk improvements on Columbia Road. Section 2. The Bonds shall be dated approximately February 1, 2021, shall bear interest at the now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2021, and the first interest installment on the Bonds is estimated to be payable on June 1, 2021. Series I — Country Club Boulevard Improvements 2020