99-093 Ordinance - Laserfiche WebLink

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? CITY OF NORTH OLMSTED ORDINANCE NO. 99-93 BY: COUNCILMAN 1[IOMAS 0'GRADY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $300,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL FACILITIES BY REMODELING, RENOVATING, REHABILITATING AND OTHERWISE IMPROVING THE RECREATION CENTER, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 99-24 passed on March 16, 1999, notes in anticipation of bonds in the amount of $300,000 (the Outstanding Notes) were issued for the improvements described in Section 1, as part of a consolidated issue of $2,050,000 Various Purpose Improvement Notes, Second Series, dated June 8, 1999, which Outstanding Notes are to mature on September 23,1999; and WHEREAS, this Council finds and determines that the City should issue the notes described in Section 3 to provide the amount necessary, together with other funds available to the City, to retire the Outstanding Notes; 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 twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 8, 2019; NOW, T'HEREFORE, 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 improving the City's park and recreational facilities by remodeling, renovating, rehabilitating and otherwise improving the Recreation Center. Section 2. The Bonds sha11 be dated approximately September 1, 2000, shall bear interest at the now estimated rate of 5%z% per year, payable semiannually until the principal amount is paid, and aze estimated to mature in twenty annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December l, 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) sha11 be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The Notes sha11 be dated the date of their issuance, and sha11 mature one year from the date of issuance;