89-031 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 89-31 BY: COUNCILMEN O'GRADY, WILAMOSKY, BOHLMANN, TALLON AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $145,000 NOTES, IN AI`1TICIPATIUN OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING AND INSTALLING STORM SEWERS, STORM WATER RETENTION BASINS, STORM WATER DRAINAGE CONTROL EQUIPMENT AND CA7.'CH BASINS, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO. WHEREAS, the Director of certified to this Council that. the improvement described in Section 1 maturity of the bonds described in maturity of the Notes described in the bonds, is twenty years, or one Finance as fiscal officer of this City has estimated life or usefulness of the is at least five years, the maximum Section 1 is twenty years, and the maximum Section 3, to be issued in anticipation of year if sold at private sale; NOW, THEREFORE, BF. IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $145,000 (the Bonds) to pay costs of improving the municipal sewerage system by acquiring, constructing and installing storm sewers, storm water retention bas iris, storm water drainage control equipment and catch basins, together with the necessary appurtenances thereto. Section 2. The Bonds shall be dated approximately May 1, 1990, shall bear interest at the now estimated rate of_ 10% per year, payable semi-annually until the principal amount is paid, and shall mature in twenty substantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $145,000 (t.he Notes) shall be issued in anticipation of tkie issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 10% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is p.r.ovided for. Tf requested by the original purchaser, the Notes may provide that., in the event the City does not. pay or make provision for payment at maturity of the principal of and interest on the Notes, the prin- cipal amount of the Notes shall bear interest at a different rate or rates not to exceed 13% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The principal of and interest on the Notes shall be pay- able in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original pur- chaser. TYie principal of. and interest on the Notes shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Notes, provided that such request shall be approved by tl.e Director of Finance after determining that the payment at that bank or t~°ust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose. The Notes shall be dated the date of issuance, and sha]1 mature one year from the date of issuance. Ser.tion 5. The Notes shall be signed by the Mayor and Director of Finanr_e, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile, and bear the corporate seal of tkze City or a facsi.m.ile of that seal. The Notes shall be issczed in the