|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-74
<br />BY: Councilmember Lind
<br />
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $700,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF IMPROVING THE RECREATION CENTER
<br />COMPLEX BY SURFACING AND RESURFACING
<br />PARKING AREAS AND DRIVEWAYS, PROVIDING
<br />RELATED DRAINAGE IMPROVEMENTS AND
<br />CONSTRUCTING A BUILDING TO HOUSE
<br />MAINTENANCE EQUIPMENT THEREFOR, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 94-37, passed on March l, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $300,000 (the 1994C Notes) were issued for the purpose described in Section 1,
<br />as a part of a consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series
<br />1994C, dated June 22, 1994, which 1994C Notes are to mature on June 22, 1995; and
<br />WHEREAS, pursuant to Ordinance No. 94-107, passed on July 7, 1994, notes in
<br />anticipation of bonds in the amount of $400,000 (the 1994D Notes and, together with the 1994C
<br />Notes, collectively, the Outstanding 1994 Notes) were issued for the purpose described in
<br />Section l, as a part of a consolidated issue of $3,360,000 Various Purpose Improvement Notes,
<br />Series 1994D, dated August 19, 1994, which 1994D Notes are to mature on August 17, 1995;
<br />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
<br />this Council that the estimated life or period of usefulness of each class of the improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is ten years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is June 22, 2009;
<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 $700,000 (the Bonds) for the purpose of improving the Recreation Center Complex
<br />by surfacing and resurfacing parking areas and driveways, providing related drainage
<br />improvements and constructing a building to house maintenance equipment therefor.
<br />Section 2. The Bonds shall be dated approximately June 1, 1996, shall bear
<br />interest at the now estimated rate of 6-1/4 % per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in ten annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be payable on December l,
<br />1997.
<br />D03: [00523. DOCS.NOR05223JORD_REC_CENT_700.
|