2000-088 Ordinance - Laserfiche WebLink

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.„ i , CITY OF NORTH OLMSTED ORDINANCE NO. 2000-88 BY: Councilmember Mcj?ay AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIlViUM AGGREGATE PRINCIPAL AMOUNT OF $300,000 FOR THE PURPOSE OF REMODELING, RENOVATING, REHABILITATING AND OTHERWISE IMPROVING THE CITY'S SPRINGVALE GOLF COURSE AND BALLROOM FACILITY, AND PROVIDING PARKING AND OTHER RELATED SITE IMPROVEMENTS THEREFOR, A.rID DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 99-99 passed on August 13, 1999, notes in anticipation of bonds in the amount of $300,000 (the Outstanding Notes) were issued for the purpose set forth in Section 2, as part of a consolidated issue of $4,915,000 Various Purpose Improvement Notes, Series 1999-2, dated September 23, 1999, which Outstanding Notes are 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, this Council has requested the Director of Finance, as fiscal officer of this City, to certify the estimated life or period of usefulness of each class of the improvements described in Section 1 and the maximum maturity of the Bonds described in Section 2; and WHEREAS, the Director of Finance 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, Ohio, that: Section 1. Definitions and Interpretations. In addition to the words and terms 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, will 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.