2008-014 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2008-14 BY: Mayor O'Grady AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $100,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR TAE PURPOSE OF ACQUIRING AND INSTALLING TELECOMMUNICATIONS EQUIPMENT AND RELATED SOFTWARE AND APPURTENANCES, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2007-10 passed February 20, 2007, a note in anticipation of bonds in the amount of $150,000 (the Outstanding Note) was issued for the purpose stated in Section 1, as a part of a consolidated issue of $1,560,000 Capital Improvement and Equipment Notes, Series 2007, dated April 4, 2007, which Outstanding Note is to mature on April 3, 2008; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Note 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 usefiilness of the equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is April 4, 2017; 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 $100,000 (the Bonds) for the purpose of acquiring and installing telecommunications equipment and related software and appurtenances. Section 2. The Bonds shall be dated approximately March 1, 2009, shall bear interest at the now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in five annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2010, and the :?,rst interest installment on the Bonds is estimated to be payable on December l, 2009. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $100,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Note. 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 awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to