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<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-71
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $4,100,000 NOTE5, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />SPRINGVALE COUNTRY CLUB, INCLUDING LAND AND
<br />THE CLUBHOUSE, MAINTENANCE BUILDING AND OTHER
<br />STRUCTURES LOCATED THEREON, FIXTURES,
<br />FURNISHINGS AND EQUIPMENT, SPRINKLER,
<br />UNDERGROUND DRAINAGE AND WATER DISTRIBUTION
<br />SYSTEMS AND RELATED SITE IMPROVEMENTS, ALL
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, FOR USE AS A GOLF COURSE AND
<br />RECREATIONAL AND COMMUNITY CENTER, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-159, passed on February 15, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $4,100,000 (the 1994 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 1994 Notes are to mature on June 22, 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 Improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty-five years, and the maximum maturity of the Notes described
<br />in Section 3, to be issued in anticipation of the Bonds, is Zune 22, 2014;
<br />WHEREAS, the Director of Finance as fiscal officer of this City has provided to this
<br />Council his estimate of the receipts to be derived by the City from the Improvements described
<br />in Section 1 during 1995 and 1996;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section l. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $4,100,000 (the Bonds) for the purpose of acquiring Springvale Country Club,
<br />including land and the clubhouse, maintenance building and other structures located thereon,
<br />fixtures, furnishings and equipment, sprinkler, underground drainage and water distribution
<br />systems and related site improvements, all together with the necessary appurtenances thereto,
<br />for use as a golf course and recreational and community center (collectively, the Improvements).
<br />Section 2. The Bonds shall be dated approximately June l, 1996, sha11 bear interest
<br />at the now estimated rate of 7% per year, payable semiannually until the principal amount is
<br />paid, and are estimated to mature in twenty-five annual principal installments that are
<br />D03:[00523.DOCSNOR05223]ORD_5PRINGVALE 4.100
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