2003-054 Ordinance - Laserfiche WebLink

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??. . CITY OF NORTH OLMSTED ORDINANCE NO. 2003-54 BY: Mayor Mnsial AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $120,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IlVIPROVIlNG THE MUNICIPAL WATER DISTRIBUTION SYSTEM BY RELINING AND OTHERWISE IlViPROVIlNG WATERLINES, TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pwsuatrt to Ordinance No. 2002-55 passed on April 30, 2002, notes in anticipation of bonds in the amount of $290,000 (the Outstanding Notes) were issued for the improvement described in Section 1, as a part of a consalidated issue of $1,665,000 Capital Improvemerrt Notes, Series 2002, dated June 18, 2002, which Outstanding Notes are to mature on June 18, 2003; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Notes described in Section 3 and other funds available to the City; 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 the improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least twerrty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 18, 2022; NOW, 'I`I-EREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga Courny, Ohio, that: Section l. It is necessary to issue bonds of this City in the aggregate principal amount of $120,000 (the Bonds) to pay costs of improving the municipal water distribution system by relining and otherwise improving existing waterlines, together with the necessary appurtenances and work inciderrtal thereto. Section 2. The Bonds sha11 be dated approximately June l, 2004, sha11 bear irrterest at the now estimated rate of 5% per year, payable semiannually uirtil the principal amount is paid, and are estimated to mature in twerrty annual principal installments that are substantially equal. The first principal installment on the Bonds is estimated to be payable on December 1, 2005, and the first irnerest installmerrt is estimated to be payable on December l, 2004.