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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 75
<br />BY : kl_,?, s
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $4,000,000 BONDS FOR THE PURPOSE OF PAYING
<br />COSTS OF IMPROVING THE MUNICIPAL SANITARY
<br />SEWERAGE SYSTEM BY IMPROVING AND EXPANDING THE
<br />MUNICIPAL WASTEWATER TREATMENT FACILITIES AND
<br />REHABILITATING AND RECONSTRUCTING SANITARY
<br />SEWERS, SANITARY SEWER CONNECTIONS, PUMP STATIONS
<br />AND MANHOLES AND INSTALLING WATER-TIGHT MANHOLE
<br />INSERTS, WHERE NECESSARY, ALL TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO.
<br />WHEREAS, pursuant to Ordinance No. 84-29 passed March 29, 1984, notes
<br />in anticipation of bonds in the amount of $5,315,000, dated May 4, 1984, were
<br />issued for the purpose of paying costs of improving and expanding the munici-
<br />pal wastewater treatment facilities, which notes were retired at maturity with
<br />the proceeds of $5,315,000 notes dated November 1, 1984, issued in anticipa-
<br />tion of bonds pursuant to Ordinance No. 84-97 passed October 25, 1984, which
<br />notes were also retired at maturity with the proceeds of $5,315,000 notes
<br />dated May 1, 1985, issued in anticipation of bonds pursuant to Ordinance No.
<br />85-36 passed April 16, 1985, which notes are to mature on November 1, 1985;
<br />and
<br />WHEREAS, this Council finds and determines it to be in the best in-
<br />terest of the City to issue the bonds described in Section 1 to provide funds,
<br />together with other funds available to the City, to retire at maturity the
<br />outstanding notes and to provide $460,000 to pay costs of further improving
<br />the municipal sanitary sewerage system by rehabilitating and reconstructing
<br />sanitary sewers, sanitary sewer connections, pump stations and manholes and
<br />installing water-tight manhole inserts, where necessary, all together with the
<br />necessary appurtenances thereto; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or usefulness of the
<br />improvements described in Section 1 is at least five years and the maximum
<br />maturity of the bonds referred to in Section 1 is forty 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 (the Bonds)
<br />in the aggregate principal amount of $4,000,000 for the purpose of paying
<br />costs of improving the municipal sanitary sewerage system by improving and
<br />expanding the municipal wastewater treatment facilities and rehabilitating and
<br />reconstructing sanitary sewers, sanitary sewer connections, pump stations and
<br />manholes and installing water-tight manhole inserts, where necessary, all
<br />together with the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered Bonds registered as to both principal and interest, in the denomi-
<br />nations of $5,000 or any integral multiple thereof but not exceeding the
<br />principal amount of the Bonds maturing on any one date; and shall be dated as
<br />of October 1, 1985.
<br />The Bonds shall bear interest at the rate of 10% per annum, payable
<br />on June 1 and December 1 of each year (the Interest Payment Dates), commencing
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