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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 95-65 <br />BY: Councilmember Lind <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE <br />AND SALE OF $2,025,004 NOTES, IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS, <br />FOR THE PURPOSE OF IMPROVING THE <br />MU1vICIPAL SANITARY SEWER SYSTEM BY <br />CONSTRUCTING, RECONSTRUCTING, <br />REHABILITATING AND REPLACING SANITARY <br />SEWERS AND SANITARY SEWER CONNECTIONS <br />AND CONSTRUCTING A RETENTION BASIN FOR <br />A LIFT STATION, TOGETHER WITH THE <br />NECESSARY APPURTENANCES AND WORK <br />INCIDENTAL THERETO. <br />WHEREAS, the Director of FiAance as fiscal officer of this City has certified to this <br />Council that the estunated 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 />twenty 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 1. It is necessary to issue bonds of this City in the aggregate principal <br />amount of $2,025,000 (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 constructing a retention basin for a lift station, together with the <br />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 estunated 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 $2,025,000 (the Notes) shall be issued in anticipation of the <br />issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 7-1/2% per year <br />(computed on a 360-day per year basis), payable at maturity and until the principal amount is <br />paid or payment is provided for. The rate of interest on the Notes shall be determined by the <br />Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this <br />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 />D03: [00523. DOCS.NOR05223]ORD_NM_SAN_S W R_2.025 <br />?-? , r ,. ? _?- - ?• _ ? ti , _ _ t_? <br />?