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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2000-89
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $260,000 FOR
<br />THE PURPOSE OF IMPROVING THE CITY ADMINISTRATION COMPLEX
<br />BY RENOVATING, REMODELING, REHABILITATING, FiJRNISHING,
<br />EQUIPPING AND OTHERWISE IMPROVING THE TOWN HALL INCLUDED
<br />THEREIN AND IMPROVING THE SITE THEREOF BY REMOVING AND
<br />REPLACING UNDERGROUND STORAGE TANKS AND OTHERWISE
<br />MODIFYING FUEL STORAGE FACILITIES AND EQUIPMENT, IN EACH
<br />CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, piarsuant to Ordinance No. 98-48 passed on May 19, 1999, as amended by
<br />Ordinance No. 98-77 passed Ji.ily 4, 1998, notes in anticipation of bonds in the amount of $266,000
<br />were issued for the purpose set forth in Section 2, as part of a consolidated issue of $2,675,000
<br />Various Purpose Improvement Notes, Series 1998-2, dated September 24, 1998, which notes were
<br />retired at maturity with funds available to the City and the proceeds of $260,000 notes (the
<br />Outstanding Notes) issued pursuant to Ordinance No. 99-96 passed on September 7,1999, as part of a
<br />consolidated issue of $4,915,000 Various Purpose Improvement Notes, Series 1999-2, dated
<br />September 23, 1999, which Outstanding Notes are to mature on September 21, 2000; and
<br />VVHEREAS, 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 ar 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 />ten years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section l, Definitions and Inter?retations. 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 specif ed in the Continuing Disclosure Certificate in accordance with the Rule.
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br />any, the denomination equal to the principal amount that, when interest is accrued and coznpounded
<br />thereon at the apglicable compounding interest rate on each Interest Accretion Date to the sta.ted
<br />maturity of those Bonds, will result in a Maturity Amount of $5,000 or any integral multiple thereof
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