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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-80
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $150,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE ELECTRICAL SYSTEM AT CITY FACILITIES AND
<br />INSTALLING A BACKUP ELECTRICAL SYSTEM FOR THE
<br />CITY'S COMPUTER, TELEPHONE AND EMERGENCY
<br />LIGHTING SYSTEMS, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-123, passed on October 19, 1993, notes
<br />in the amount of $150,000 were issued in anticipation of bonds for the purpose described in
<br />Section 1, as a part of a consolidated issue of $545,000 Various Purpose Notes, Series 1993C,
<br />dated November 23, 1993, which notes were retired at maturity with the proceeds of $150,000
<br />notes (the 1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-139, passed
<br />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 1994 Notes are to mature
<br />on July 20, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />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 each class of the equipment described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is eighteen years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is November 23, 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 $150,000 (the Bonds) for the purpose of improving the electrical system at City
<br />facilities and installing a backup electrical system for the City's computer, telephone and
<br />emergency lighting systems, together with the necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately June 1, 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 eighteen annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be payable on December 1,
<br />1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $150,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed
<br />D03:[00523.DOCSNOR05223]ORD C1TY ADMINCOMP ]50.
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