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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2000-90
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCII'AL AMOUNT OF $160,000 FOR
<br />THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND
<br />OTHERWISE IMPROVING AN ADDITION TO THE CITY'S POLICE
<br />STATION AND PREPARING AND IMPROVING THE SITE THEREOF, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 97-42 passed on May 14, 1997, notes in
<br />anticipation of bonds in the amount of $200,000 were issued for the purpose set forth in Section 2, as
<br />a part of a consolidated issue of $400,000 Various Purpose Improvement Notes, Series 1997, dated
<br />July 1,1997, which notes were retired at maturity with funds available to the City and the proceeds of
<br />$202,000 notes issued pursuant to Ordinance No. 98-43 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-67 passed on June 10, 1998, as a part of a consolidated issue of $716,000 Various
<br />Purpose Improvement Notes, First Series, dated July 1, 1998, which notes were retired at maturity
<br />with funds available to the City and the proceeds of $202,000 notes issued pursuant to Ordinance No.
<br />98-73 passed on July 4, 1998, as part of a consolidated issue of $2,675,000 Various Purpose
<br />Improvement Notes, Series 1998-2, dated September 24, 1998, which notes were retired with funds
<br />available to the City and the proceeds of $162,000 notes (the Outstanding Notes) issued pursuant to
<br />Ordinance No. 99-88 passed on September 7, 1999, as part of a consolidated issue of $4,915,000
<br />Various Purpose Improvement Notes, Series 1999-2, dated September 23, 1999, which Outstanding
<br />Notes are to mature on September 21, 2000; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Notes; 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 each class of the improvements described in
<br />Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is
<br />twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretations. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
<br />"Annual Information" means annual financial information and operating data of the type
<br />to be specified in the Continuing Disclosure Certificate in accordance with the Rule.
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