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<br />WHEREAS, pursuant to Ordinance No. 93-14 passed on March 2, 1993, notes in
<br />anticipation of bonds in the amount of $2,000,000, dated April 20, 1993, were issued for the
<br />purpose described in Section 1, which notes were retired with the proceeds of $2,000,000 notes
<br />(the 1994A Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-2, passed on
<br />January 4, 1994, as a part of a consolidated issue of $2,510,000 Various Purpose Notes, Series
<br />1994A, dated January 19, 1994; and
<br />WHEREAS, the December 1992 Notes and the 1994A Notes were retired at maturity
<br />with the proceeds of $6,975,000 notes (the 1994E Notes) issued in anticipation of bonds pursuant
<br />to Ordinance No. 94-131, passed on September 20, 1994, as a part of a consolidated issue of
<br />$11,755,000 Various Purpose Improvement Notes, Series 1994E, dated October 18, 1994, which
<br />1994E Notes are to mature on July 20, 1995; and
<br />WHEREAS, pursuant to Ordinance No. 94-41, passed on March 1, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $3,000,000 (the 1994C Notes and, together with the 1994E Notes, collectively,
<br />the Outstanding 1994 Notes) were issued for the purpose described in Section 1, as a part of a
<br />consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated
<br />June 22, 1994, which 1994C Notes are to mature on June 22, 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 improvements described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is October 30, 2010;
<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 $9,975,000 (the Bonds) for the purpose of improving the municipal sanitary sewer
<br />system by constructing, reconstructing, rehabilitating and replacing sanitary sewers and sanitary
<br />sewer connections and by improving and equipping the wastewater treatment plant, together with
<br />the necessary appurtenances and work incidental 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 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 $9,975,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds and to retire the Outstanding 1994 Notes. The Notes shall bear interest
<br />at a rate not to exceed 7-1/2% per year (computed on a 360-day per year basis), payable at
<br />maturity and until the principal amount is paid or payment is provided for. The rate of interest
<br />D03: [00523.DOCS.NOR05223]ORD_SAN_SWR_$6.975
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