2000-091 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2000-91 BY: Councilmember Mcy-aY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $555,000 FOR THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL FACILITIES BY REMODELING, RENOVATING, REHABILITATING, EQUIPPING AND OTHERWISE IMPROVING THE RECREATION CENTER AND CONSTRUCTING TENNIS AND BASKETBALL COURTS AT NORTH OLMSTED PARK, AND DECLARING AN EMERGENCY. ' WHEREAS, pursuant to Ordinance No. 2000-45 passed on May 8, 2000, notes in anticipation of bonds in the amount of $555,000 (the Outstanding Notes) were issued for the purpose set forth in Section 2, as part of a consolidated issue of $2,100,000 Various Purpose Improvement Notes, Series 2000-1, dated June 21, 2000, which Outstanding Notes aze to mature on September 21, 2000; and WHEREAS, this Council finds and determines that the City should issue the Bonds described in Section 2 to provide funds to retire the Outstanding Notes; and 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 described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Oluo, that: Section 1. Definitions and Tnterpretations. In addition to the words and tertns elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Annual Information" means annual financial information and operating data of the type to be specified in the Continuing Disclosure Certificate in accordance with the Rule. "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, the denomination equal to the principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, wi11 result in a Maturity Amount of $5,000 or any integral multiple thereof and (b) with respect to Current Interest Bonds, the denomination of $5,000 or any integral multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Certificate and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds.