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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: 81-55
<br />BY: MR, WILA.?iOSKY
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF
<br />IMPROVING THE RECREATIONAL FACILITIES OF THE CITY BY
<br />CONSTRUCTING A BUILDING HOUSING AN ICE SKATING RINK, SWIMMING
<br />POOL, TENNIS COURTS AND APPURTENANT FACILITIES, CONSTRUCTING
<br />A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND IMPROVING THE
<br />SITE THEREFOR, AND PROVIDING FURNISHINGS AND EQUIPMENT FOR
<br />SUCH RECREATION CENTER AND GROUNDS, AND DECLARING AN
<br />EMERGE NCY .
<br />WHEREAS, pursuant to Ordinance No. 74-51 passed May 21, 1974, notes
<br />in anticipation of the issuance of bonds in the amount of $3,000,000 dated
<br />June 12, 1974 were issued and pursuant to Ordinance No. 74-146 passed October
<br />31, 1974 notes in anticipation of the issuance of bonds in the amount of
<br />$362,218 dated December 4, 1974 were issued, all for the purpose hereinafter
<br />stated, which notes were retired at maturity with the proceeds of $3,362,218
<br />notes dated June 12, 1975, issued in anticipation of the issuance of bonds
<br />pursuant to Ordinance No. 75-89 passed May 6, 1975, which notes were retired
<br />at maturity with the proceeds of $3,440,000 notes dated June 11, 1976, issued
<br />in anticipation of the issuance of bonds pursuant to Ordinance No. 76-84
<br />passed June 1, 1976 to provide funds to retire such outstanding notea and
<br />to provide additional funds for the purpose hereinafter stated, which notes
<br />were retired at maturity with the proceeds of $3,463,000 notes dated June
<br />10, 1977, issued in anticipation of the issuance of bonds pursuant to
<br />Ordinance No. 77-69 passed May 17, 1977 to provide funds to retire such
<br />outstanding notes and a$21,000 note dated October 12, 1976 issued in
<br />anticipation of the issuance of bonds pursuant to Ordinance No. 76-137 passed
<br />September 21, 1976 for the purpose hereinafter stated, and to provide
<br />additional funds for the purpose hereinafter stated, which notes were retired
<br />at maturity with the proceeds of $3,463,000 notes dated June 9, 1978, issued
<br />in anticipation of the issuance of bonds pursuant to Ordinance No. 78-48
<br />passed May 16, 1978, which notes were retired at maturity with the proceeds
<br />of $3,463,000 notes dated June 8, 1979, issued in anticipation of the
<br />issuance of bonds pursuant to Ordinance No. 79-59 passed May 15, 1979, which
<br />notes were also retired at maturity with funds available to the City and
<br />the proceeds of $3,355,000 notes dated June 6, 1980, issued in anticipation
<br />of the issuance of bonds pursuant to Ordinance No. 80-58, passed Ma.y 6,
<br />1980, which notes are to mature on June 5, 1981; and
<br />WHEREAS, this Council hereby finds and determines it to be in the
<br />best interest of the City to retire at maturity the outstanding notes with
<br />the proceeds of the notes herein authorized and other funds available to
<br />the City; and
<br />WHEREAS, the Director of Finance as fiscal officer has certified
<br />to this Council that the estimated life of the property and improvements
<br />hereinafter mentioned is at least five years, and that the maximum maturity
<br />of the bonds hereinafter referred to is 33 years, and the maximum maturity
<br />of the notes hereinafter referred to, to be issued in anticipation of said
<br />bonds is eight years from the date of the original issue, to wit: June
<br />12, 1982 if sold publicly, or one year if sold privately.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds
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