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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 99-91
<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 $400,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S PARK AND RECREATIONAL FACILITIES BY
<br />REMODELING, RENOVATING, REHABILTTATING AND
<br />OTHERWISE IMPROVING THE RECREATION CENTER,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 98-70 passed on June 10, 1998, as amended by
<br />Ordinance No. 98-76 passed July 4, 1998, notes in anticipation of bonds in the amount of $400,000
<br />were issued for the improvements described in Section 1, as part of a consolidated issue of
<br />$2,675,000 Vazious Purpose Improvement Notes, Series 1998-2, dated September 24, 1998, which
<br />Outstanding Notes are 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 improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty
<br />years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the Bonds, is September 24, 2018;
<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 $400,000 (the Bonds) for the purpose of improving the City's park and recreational
<br />facilities by remodeling, renovating, rehabilitating and otherwise improving the Recreation Center.
<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 />is paid, and aze estimated to mature in twenty annual principal installments that are substantially
<br />equal. The first principal installment is estimated to be payable on December 1, 2001.
<br />Section 3. It is necessary to issue and this Council determines that notes in a maximum
<br />aggregate principal amount of $400,000 (the Notes) shall be issued in anticipation of the issuance of
<br />the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The
<br />Notes shall be dated the date of their issuance, and sha11 mature one year from the date of issuance;
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