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CITY OF NORTH OLMSTED ORDINANCE NO. 95-81 BY: Councilmember Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $100,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY ADMINISTRATION COMPLEX BY RENOVATING, REMODELING, REHABILITATING AND OTHERWISE IMPROVING THE TOWN HALL THEREIN AND CONSTRUCTING A CANOPY TO COVER THE FUEL PUMP ISLAND ON THE SITE THEREOF, TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 94-42, passed on March 1, 1994, as amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in the amount of $100,000 (the 1994 Notes) were issued for the purpose described in Section 1, as a part of a consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated June 22, 1994, which 1994 Notes are to mature on June 22, 1995; and WHEREAS, this Council finds and determines that the City should retire the 1994 Notes with the proceeds of the Notes described in Section 3; 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 fifteen years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 22, 2014; NOW, THEREFORE, 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 the aggregate principal amount of $100,000 (the Bonds) for the purpose of improving the City Administration Complex by renovating, remodeling, rehabilitating and otherwise improving the Town Ha11 therein and constructing a canopy to cover the fuel pump island on the site thereof, together with necessary appurtenances and wark incidental thereto. Section 2. The Bonds shall be dated approximately June l, 1996, shall bear interest at the now estimated rate of 6-1 /2 % per year, payable semiannually until the principal amount is paid, and are estimated to mature in fifteen annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1997. D03:[00523.DOCS.NOR05223]ORD ADMINCOMP $100.