|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. : $ 3 - 115
<br />BY: ?
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICI-
<br />PATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CON-
<br />STRIICTING, FURNISHING AND EQUIPPING A COMBINED BUS GARAGE,
<br />SERVICE GARAGE AND MUNICIPAL ADMINISTRATION BUILDING AND
<br />IMPROVING THE SITE THEREOF, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-137 passed October 5, 1982,
<br />notes in anticipation of bonds in the amount of $3,200,000, dated November 10,
<br />1982, were issued for the purpose hereinafter stated, are to mature on
<br />November 10, 1983; 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 the
<br />proceeds of the notes herein authorized and other funds available to the City;
<br />and
<br />WHEREAS, this Council has requested that the Director of Finance, as
<br />fiscal officer, certify to this Council the estimated life of the improvements
<br />hereinafter mentioned, the maximum maturity of the bonds hereinafter referred
<br />to and the maximum maturity of any notes which may be issued in anticipation
<br />of such bonds, and the Director of Finance has certified that the estimated
<br />life of each class of those improvements is at least five years, that the
<br />maximum maturity of those bonds is twenty years, and that the maximum maturity
<br />of the notes to be issued in anticipation of such bonds is ten years from the
<br />date of the original issue, to wit: November 10, 1992, if sold at public sale
<br />or to one of the funds of the City, and one year, if sold at private sale.
<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 of
<br />the City of North Olmsted in the principal amount of $3,050,000 for the
<br />purpose of constructing, furnishing and equipping a combined bus garage,
<br />service garage and municipal administration building and improving the site
<br />thereof.
<br />SECTION 2. That such bonds shall be dated approximately November 1,
<br />1984, shall bear interest at the estimated rate of twelve per centum (127) per
<br />annum, paqable semi-annually, until the principal sum fs paid, and shall
<br />mature in twenty substantially equal annual installments after their issuance.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $3,050,000 shall be
<br />issued in anticipation of such bonds and to provide funds, together with other
<br />available funds of the City, to retire the outstanding notes dated November
<br />10, 1982. Such anticipatory notes shall bear interest at a rate or rates not
<br />to exceed fourteen per centum (14y) per annum, payable at maturity, with
<br />provision, if requested by the purchaser, that in the event of default in the
<br />payment of the principal of such notes at maturity, such notes shall bear
<br />interest at a different rate or rates, but not exceeding fourteen per centum
<br />(147) per annum, from the said maturity until the principal sum is paid. Such
<br />rate or rates shall be fixed by the Director of Finance in his certificate
|