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?,. CITY OF NORTH GLMSTED ORDINANCE NO. 99-99 BY: MAYOR NORMAN MUSIAL AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $300,000, IN AIYTICIPATION OF THE ISSUANCE OF BONDS, 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 WHF,REAS, 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 estimated maximum maturity of the Bonds described in Section 1 and of the notes described in Section 3, to be issued in anticipation of the Bonds; and WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten yeazs, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $300,000 (the Bonds) 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. Section 2. The Bonds sha11 be dated approximately September l, 2000, shall beaz interest at the now estima.ted rate of 5'/z% per yeaz, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal instaliments that are substantially equal. The first principal installment is estimated to be payable on December 1, 2001. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $300,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes sha11 be dated the date of their issuance, and sha11 mature one year from the date of issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish a different maturity date that is up to seven days less than one year from the date of issuance by setting forth that maturity date in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of