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CITY OF NORTH OLMSTED
<br />ORDINATICE NO. 2000-85
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $400,000 FOR
<br />THE PURPOSE OF CONSTRUCTING, RECONSTRUCTING AND
<br />OTHERWISE IMPROVING CITY STORM SEWERS AND STORM WATER
<br />DRAINAGE FACILTTIES, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 97-43 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. 98-44 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-68 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 />98-74 passed on July 4, 1998, as a 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 at maturity
<br />with funds available to the City and the proceeds of $202,000 notes (the Outstanding Series A Notes)
<br />issued pursuant to Ordinance No. 99-97 passed on September 7, 1999, as part of a consolidated issue
<br />of $4,915,000 Various Purpose Improvement Notes, Series 1999-2, dated September 23, 1999, which
<br />Outstanding Series A Notes are to mature on September 21, 2000; and
<br />WHEREAS, pursuant to Ordinance No. 99-25 passed on March 16, 1999, notes in
<br />anticipation of bonds in the amount of $150,000 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 funds available to the City and the proceeds of
<br />$150,000 notes (the Outstanding Series B Notes) issued pursuant to Ordinance No. 99-95, passed on
<br />September 7, 1999, as part of a consolidated issue of $4,915,000 Various Purpose Improvement
<br />Notes, Series 1999-2, dated September 23, 1999, which Outstanding Series B Notes are to mature on
<br />September 21, 2000; and
<br />WHEREAS, pursuant to Ordinance No. 2000-47 passed on May 8, 2000, notes in
<br />anticipation of bonds in the amount of $50,000 (the Outstanding Series C Notes) were issued for the
<br />purpose set forth in Section 2, as part of a consolidated issue of $2,100,000 Various Purpose
<br />Improvement Notes, Series 2000-1, dated June 21, 2000, which Outstanding Series C Notes are to
<br />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 Series A Notes, the Outstanding
<br />Series B Notes and the Outstanding Series C Notes; and
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