|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 9
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $1,405,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING ALDEN
<br />DRIVE AND CERTAIN OTHER DESIGNATED STREETS
<br />BETWEEN CERTAIN TERMINI IN THE CITY BY
<br />RECONSTRUCTING AND REHABILITATING THE
<br />PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND
<br />RECONSTRUCTING CATCH BASINS, CURBS AND CURB
<br />RAMPS, MANHOLES AND UTILITY VALVE AND
<br />MONUMENT BOXES, WHERE NECESSARY, PREPARING
<br />THE SURFACE AND RESURFACING, IN EACH CASE
<br />TOGETHER WITH NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO; AND DECLARING AN
<br />EMERGENCY
<br />WHEREAS, pursuant to Ordinance No. 2018-10 passed by this Council on February 20,
<br />2018, a note in anticipation of bonds in the amount of $1,728,500 was issued for the purpose stated
<br />in Section 1, as part of a consolidated issue of $1,990,000 Capital Improvement and Equipment
<br />Notes, Series 2018, dated April 24, 2018, which note was retired at maturity with funds available to
<br />the City and proceeds of a $1,565,000 note (the Outstanding Note), issued in anticipation of bonds
<br />pursuant to Ordinance No. 2019-3 passed by this Council on February 5, 2019, as part of a
<br />consolidated issue of $6,775,000 Capital Improvement and Equipment Notes, Series 2019, dated
<br />April 9, 2019, which Outstanding Note is to mature on April 9, 2020; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />ten years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is at least April 24, 2033;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to
<br />exceed $1,405,000 (the Bonds) to provide funds to pay costs of improving Alden Drive, Ashton
<br />Circle, Broxbourne Road, Cedarwood Lane, Dewey Drive, Douglas Drive, Elmhurst Road, Frank
<br />Road, Lansing Drive, Linden Circle, Oak Lane, Wellseley Avenue, Whitehaven Avenue and, in
<br />Series A - Street Improvements 2018
<br />
|