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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-83
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $55,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />RENOVATING, REHABILITATING AND OTHERWISE
<br />IMPROVING TOWN HALL, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-60, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $55,000 were issued for the purpose described in
<br />Section l, as a pazt of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B,
<br />dated June 24, 1993, which notes were retired at maturity with the proceeds of $55,000 notes
<br />issued in anticipation of bonds pursuant to Ordinance No. 94-53, passed on March 1, 1994, as
<br />a pazt of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B, dated March
<br />23, 1994, which notes were retired at maturity with the proceeds of $55,000 notes (the
<br />Outstanding 1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-140,
<br />passed on September 20, 1994, as a part of a consolidated issue of $11,755,000 Various Purpose
<br />Improvement Notes, Series 1994E, dated October 18, 1994, which Outstanding 1994 Notes are
<br />to mature on July 20, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding 1994 Notes with the proceeds of the Notes described in Section 3; 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
<br />1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is
<br />twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is June 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 the aggregate principal
<br />amount of $55,000 (the Bonds) for the purpose of renovating, rehabilitating and otherwise
<br />improving Town Hall, together with the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately June l, 1996, shall bear interest
<br />at the now estimated rate of 6-3/4 % per year, payable semiannually until the principal amount
<br />is paid, and are 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, 1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $55,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the Outstanding 1994 Notes. The Notes shall bear interest at a rate
<br />not to exceed 7-1/2% per year (computed on a 360-day per year basis), payable at maturity and
<br />until the principal amount is paid or payment is provided for. The rate of interest on the Notes
<br />D03:[00523.DOCSNOR05223]ORD TOWN HALL 55.
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