2005-030 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2005 -30 BY: Mayor O'Grady and All of Council AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $3,500,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING A FIRE STATION, PROVIDING FIRE APPARATUS AND EQUIPMENT TO BE HOUSED THEREIN AND ACQUIRING, PREPARING AND OTHERWISE IMPROVING REAL ESTATE AND INTERESTS THEREIN FOR ITS SITE; AND DECLARING AN EMERGENCY. WHEREAS, at an election held on November 2, 2004, on the question of issuing bonds of the City in the aggregate principal amount of $4,000,000 for the purpose stated in Section 1 and of levying taxes outside the 11.1 -mill limitation provided by the City Charter to pay the debt charges on those bonds and any anticipatory securities, the requisite majority of those voting on the question voted in favor of it; and WHEREAS, pursuant to Ordinance No. 2004 -176 passed on November 16, 2004, notes in anticipation of bonds in the amount of $3,500,000 dated December 30, 2004 (the Outstanding Notes), were issued for the improvements described in Section 1, which Outstanding Notes are to mature on May 4, 2005; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Notes described in Section 3 and other funds available to the City; and 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, that the maximum maturity of the Bonds described in Section 1 is twenty years, and that the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is December 30, 2024; NOW, THEREFORE, BE IT 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 the aggregate principal amount of $3,500,000 (the Bonds) for the purpose of constructing, furnishing, equipping and otherwise improving a fire station, providing fire apparatus and equipment to be housed therein and acquiring, preparing and otherwise improving real estate and interests therein for its site, being a portion of the bonds approved at the election identified in the first preamble of this ordinance.