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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2000-87
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE Mr1XI1%1UM AGGREGATE PRINCII'AL AMOUNT OF $1,010,000 FOR
<br />THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL
<br />FACILITIES BY REMODELING, RENOVATING, REHABILITATING AND
<br />OTHERWISE IMPROVIlNG THE RECREATION CENTER, AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 98-56 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-69 passed on June 10, 1998, notes in anticipation of bonds in the amount of
<br />$312,000 were issued for the purpose set forth in Section 2, as a part of a consolidated issue of
<br />$716,000 Various Purpose Improvement Notes, First Series, dated July l, 1998, which notes were
<br />retired at maturity with funds available to the City and the proceeds of $312,000 notes issued pursuant
<br />to Ordinance No. 98-75 passed on July 4, 1998, as part of a consolidated issue of $2,675,000 Various
<br />Purpose Improvement Notes, Series 1998-2, dated September 24, 1998, which notes were retired at
<br />maturity with the proceeds of $312,000 notes (the Outstanding Series A Notes) issued pursuant to
<br />Ordinance No. 99-92 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 />Series A Notes are to mature on September 21, 2000; and
<br />WHEREAS, pursuant to Ordinance No. 98-70 passed on June 10, 1998, as amended by
<br />Ordinance No. 98-76 passed July 4, 1998, notes in anticipation of bonds in the amount of $400,000
<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 $400,000 notes (the
<br />Outstanding Series B Notes) issued pursuant to Ordinance No. 99-91 passed on September 7, 1999,
<br />as part of a consolidated issue of $4,915,000 Various Purpose Improvement Notes, Series 1999-2,
<br />dated September 23, 1999, which Outstanding Series B Notes are to mature on September 21, 2000;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 99-24 passed on March 16, 1999, notes in
<br />anticipation of bonds in the amount of $300,000 were issued for the purpose set forth in Section 2, as
<br />part of a consolidated issue of $2,050,000 Various Purpose Improvement Notes, Second Series, dated
<br />June 8, 1999, which notes were retired at maturity with the proceeds of $300,000 notes (the
<br />Outstanding Series C Notes) issued pursuant to Ordinance No. 99-93 passed on September 7, 1999,
<br />as part of a consolidated issue of $4,915,000 Various Purpose Improvement Notes, Series 1999-2,
<br />dated September 23, 1999, which Outstanding Series C Notes are to mature on September 21, 2000;
<br />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 Series A Notes, the Outstanding
<br />Series B Notes and the Outstanding Series C Notes; and
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