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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-66
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $670,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF IMPROVING THE CITY'S STORM WATER
<br />DRAINAGE SYSTEM BY CONSTRUCTING,
<br />RECONSTRUCTING AND OTHERWISE IMPROVING
<br />STORM SEWERS, CULVERTS, RETENTION BASINS
<br />AND OTHER STORM WATER DRAINAGE
<br />FACILITIES, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL
<br />THERETO.
<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 Section
<br />1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is
<br />forty years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is twenty years;
<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 $670,000 (the Bonds) for the purpose of improving the City's storm water drainage
<br />system by constructing, reconstructing and otherwise improving storm sewers, culverts, retention
<br />basins and other storm water drainage facilities, together with the necessary appurtenances and
<br />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 $670,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds. The Notes shall bear interest at a rate not to exceed 7-1 /2 % per year (computed
<br />on a 360-day per year basis), payable at maturity and until the principal amount is paid or
<br />payment is provided for. The rate of interest on the Notes shall be determmed by the Director
<br />of Finance in the certificate awarding the Notes in accordance with Section b of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds
<br />of the United States of America, without deduction for services of the City's paying agent, at
<br />the principal corporate trust office of National City Bank, Cleveland, Ohio (the Paying Agent).
<br />The Notes shall be dated the date of issuance and shall mature on June 20, 1996.
<br />D03: [00523. DOCS.NOR05223]ORD_iVM_STORM_SWR.670
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