|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 99-97
<br />BY: COUNCILMAN THOMAS 0'GRADY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $202,000, IN ANTICII'ATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF CON-
<br />STRUCTING AND RECONSTRUCTING STORM SEWERS
<br />AND STORM WATER DRAINAGE FACILITIES, AND
<br />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 improvements described in
<br />Section 1, as a part of a consolidated issue of $400,000 Various Purpose Improvement Notes, Series
<br />1997, dated July 1, 1997, which notes were retired at maturity with funds available to the City and
<br />the proceeds of $202,000 notes issued pursuant to Ordinance No. 98-44 passed on May 19, 1998, as
<br />amended by Ordinance No. 98-68 passed on June 10, 1998, 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 $202,000 notes (the
<br />Outstanding Notes) issued pursuant to Ordinance No. 98-74 passed on Ju1y 4, 1998, as a part of a
<br />consolidated issue of $2,675,000 Various Purpose Improvement Notes, Series 1998-2, dated
<br />September 24, 1998, which Outstanding Notes are to mature on September 23, 1999; and
<br />WHEREAS, this Council fmds and determines that the City should issue the Notes
<br />described in Section 3 to provide the amount necessary, together with other funds available to the
<br />City, 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 or period of usefulness of the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is forty
<br />years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the Bonds, is July 1, 2017;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal
<br />amount of $202,000 (the Bonds) for the purpose of constructing and reconstructing storm sewers
<br />and storm water dra.inage facilities.
<br />Section 2. The Bonds sha11 be dated approximately September 1, 2000, sha11 bear
<br />interest at the now estimated rate of 5`/z% per year, payable semiannually until the principal amount
<br />
|