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<br />?.;;:.. <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2004- 35 <br />BY: COUNCIL MEMBER KASLER <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND <br />SALE NOTES, IN THE AGGREGATE PRINCIPAL AMOUNT <br />OF $400,000, IN ANTICIPATION OF THE ISSUANCE OF <br />BONDS, TO PAY COSTS OF ACQUIRING AND INSTALLING <br />COMPUTERS AND RELATED EQUIPMENT AND <br />SOFTWARE FOR FINANCIAL AND ADMINISTRATIVE <br />SYSTEMS MANAGEMENT, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, pursuant to Ordinance No. 2003-55 passed on May 7, 2003, notes in <br />anticipation of bonds in the amount of $500,000 (the Outstanding Notes), were issued for the <br />equipment described in Section 1, as a part of a consolidated issue of $2,195,000 Capital <br />Improvement Notes, Series 2003, dated June 18, 2003, which Outstanding Notes are to mature on <br />June 17, 2004; and <br />WHEREAS, this Council finds and determines that the City should retire the Outstanding <br />Notes 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 equipment described in Section 1 is at <br />least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, <br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the <br />Bonds, is June 18, 2013; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />Section l. It is necessary to issue bonds of this City in the aggregate principal amount of <br />$400,000 (the Bonds) to pay costs of acquiring and installing computers and related equipment <br />and software for financial and administrative systems management. <br />Section 2. The Bonds shall be dated approximately April 1, 2005, shall bear interest at the <br />now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are <br />estimated to mature in five annual principal installments that are substantially equal. The first <br />principal installment on the Bonds is estimated to be payable on December 1, 2006, and the first <br />interest installment is estimated to be payable on December l, 2005. <br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate <br />principal amount of $400,000 (the Notes) shall be issued in anticipation of the issuance of the