2002-055 Ordinance - Laserfiche WebLink

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? CITY OF NORTH OLMSTED ORDINANCE NO. 2002-55 BY: Councilman McKay AN ORDINANCE PROVIDING FOR THE LSSUANCE AND SALE OF NOTES IN A rLAMIUM AGGREGATE PRINCIPAL AMOUNT OF $290,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IIMPROVING THE MUIVICIFAL WATER DTSTRIBUTION SYSTEM BY RELIlqING AND OTHERWISE IlVIPROVtNG WATERLINES, TOGETHER W1TH 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 the improvement described in Section 1 is at least five yeazs, the estimated maximum maturity of the Bonds described in Section 1 is at least twerny years, and the maximum maturity of the Notes described in Section 3, to be issued in amicipation of the Bonds, is twenty years; NOW, TBEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section l. It is necessary to issue bonds of this City in a maximum aggregate principal amouYrt of $290,000 (the Bonds) to pay costs of improving the municipal water distribution system by relining and othetwise improving existing waterlines, together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds sha11 be dated approximately May 1, 2003, shall bear interest at the now estimated rate of 5-1/2% per year, payable semiannually until the principal amourrt is paid, and aze estimated to mature in twenty annual principal installments that aze substantially equal. The first principal installment on the Bonds is estimated to be payable on December 1, 2004, and the first interest installmem is estimated to be payable on December 1, 2003. Section 3. It is necessary to issue and this Council determines that notes in a maximum ag,gregate principal amourrt of $290,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awazding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not to exceed 4-1/21/o per year (computed on the basis of a 360-day yeaz consisting of twelve 30.day months), payable at maturity and urrtil the principal amaunt is paid or paymern is provided for. Subject to the limitations set forth in Section 1 and this Section 3, the Director of Finance sha11 determine in the Certificate of Award both (i) the aggregate principal