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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 99-96 <br />BY: COUNCILMAN THOMAS 0'GRADY <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND <br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL <br />OF $260,000, IN ANTICIPATION OF THE ISSUANCE OF <br />BONDS, FOR THE PURPOSE OF IMPROVING THE CITY <br />ADNIDVISTRATION COMPLEX BY RENOVATING, <br />REMODELING, REHABILITATING, FURNISHING, <br />EQUIPPING AND OTHERWISE IlVIPROVING THE TOWN <br />HALL INCLUDED THEREIN AND IMPROVING THE SITE <br />THEREOF BY REMOVING AND REPLACING <br />UNDERGROUND STORAGE TANKS AND OTHERWISE <br />MODIFYING FUEL STORAGE FACILITIES AND <br />EQUIPMENT, IN EACH CASE TOGETHER WITH THE <br />NECESSARY APPURTENANCES AND WORK INCIDENTAL <br />THERETO, AND DECLARING AN EMERGENCY. <br />WHEREAS, pursuant to Ordinance No. 98-48 passed on May 19, 1999, as amended by <br />Ordinance No. 98-77 passed July 4, 1998, notes in anticipation of bonds in the amount of $266,000 <br />(the Outstanding Notes) were issued for the improvements described in Section 1 as 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 aze to mature on September 23, 1999; and <br />WHEREAS, this Council finds 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 improvement described in Section 1 is <br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, <br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the <br />Bonds, is September 24, 2013; <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 $260,000 (the Bonds) for the ptupose of improving the City Administration Complex by <br />renovating, remodeling, rehabilitating, furnishing, equipping and otherwise improving the Town <br />Hall included therein and improving the site thereof by removing and replacing underground <br />storage tanks and otherwise modifying fuel storage facilities and equipment, in each case together <br />with the necessary appurtenances and work incidental thereto. <br />?