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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 15
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $545,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY A PORTION OF THE COST OF
<br />IMPROVING BRETTON RIDGE DRIVE AND CERTAIN
<br />OTHER DESIGNATED STREETS BETWEEN CERTAIN
<br />TERMINI BY RECONSTRUCTING AND REHABILITATING
<br />THE PAVEMENT BASE, ADJUSTING, CONSTRUCTING
<br />AND RECONSTRUCTING CATCH BASINS, CURBS AND
<br />CURB 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. 2019-8 passed by this Council on February 5, 2019,
<br />a note in anticipation of bonds in the amount of $605,000 (the Outstanding Note) was issued for the
<br />purpose stated in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement and
<br />Equipment Notes, Series 2019, dated April 9, 2019, which Outstanding Note is to mature on April
<br />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 9, 2034;
<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 $545,000 (the Bonds) to provide funds to pay a portion of the cost of improving Bretton
<br />Ridge Drive, Brookpark Road Extension, Gareau Drive, Georgette Avenue, Newton Circle,
<br />Sherwood Drive and Sparky Lane between certain termini in the City by reconstructing and
<br />rehabilitating the pavement base, adjusting, constructing and reconstructing catch basins, curbs and
<br />curb ramps, manholes and utility valve and monument boxes, where necessary, preparing the
<br />Series F— Street Improvements 2019
<br />
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