2000-163 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2000-163 BY: The Mayor and Entire City Council AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $8,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHIING, EQUIPPING AND OTHERWISE IlVIPROVIING A FREE PUBLIC LIBRARY BITII.DING AND ACQUIRING, PREPARING, LAND5CAPING AND O'I'HERWISE IlVIPROVIlNG ITS SITE. WBEREAS, at an election held on November 7, 2000, on the question of issuing bonds ofthe City in the aggregate principal amount of $10,750,000 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, this Council has determined that it is necessary and appropriate at this time to authorize the issuance and sale of the $8,000,000 Library Improvement Notes, Series 2001, described in Section 3 of this ordinance in anticipation of the issuance of a portion of the bonds authorized at that etection; and WHEREAS, th'rs Council has requested that the Director of Finance, as the fiscal officer, certify the estimated life or period of usefulness of each class of the improvements described in Section l, the maximum maturity of the Bonds described in Section 1 and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds; and WHEREAS, the Director of Finance has certified that the estimated life or period of usefulness of each class of the improvements is at least five years, that the maximum maturity of the Bonds described in Section 1 is twenty years, based on the weighted average of the amounts allocated to the several classes of improvements set forth in the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and that the maximum maturity of the Notes described in Section 3 is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohiq that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $8,000,000 (the Bonds) for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and acquiring, preparing, landscaping and otherwise improving its site, being a portion of the bonds approved at the election identified in the first preamble of this ordinance.