2007-028 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2007-28 BY: MAYOR O'GRADY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $112,000 OF BONDS, FOR THE PURPOSE OF IMPROVING AND EQUIPPING THE CITY'S SPRINGVALE COUNTRY CLUB AND BALLROOM BY RENOVATING, REMODELING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING THE CLUBHOUSE AND BALLROOM, ACQUIRING MOWERS AND OTHER GOLF COURSE EQUIPMENT AND ACQUIRING AND INSTALLING PARKING LOT LIGHTING, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO 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 and equipment described in Section 1 is at least five years and the maximum maturity of the Bonds described in Section 1 is at least five years; 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 $112,000 (the Bonds) for the purpose of improving and equipping the City's Springvale Country Club and Ballroom by renovating, remodeling, furnishing, equipping and otherwise improving the clubhouse and ballroom, acquiring mowers and other golf course equipment and acquiring and installing parking lot lighting, in each case together with the necessary appurtenances and work incidentalthereto. Section 2. The Bonds shall be issued in one lot and only as fully registered bonds in denominations requested by the original purchaser and approved by the Directar of Finance, but in no case as to a particular maturity date exceeding the principal amount maturing on that date; provided that, if the original purchaser shall so request, a single bond, in printed or typewritten form, may be issued with multiple maturities of principal in amounts equal to the principal amounts of Bonds stated to mature on the respective maturity dates. The Bonds shall be dated the date of their issuance, shall bear interest at a rate or rates not to exceed 6% per year (computed on the basis of a 360-day year consisting of twelve 30-day months, payable on October 1 of each year (the Interest Payment Dates), commencing October l, 2007, until the principal amount has been paid or provided for. The Directar of Finance shall determine and specify the rate or rates the Bonds shall bear in the certificate awarding the Bonds in accordance with Section 6 of this Ordinance (the Certificate of Award). The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date.