85-061 Ordinance - Laserfiche WebLink

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! CITY OF NORTH OLMSTED ORDINANCE N0. 85- 61 BY: AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $41,500 BONDS FOR THE PURPOSE OF IMPROVING THE RECREATIONAL FACILITIES OF THE CITY BY CONSTRUCTING A WATER COOLING TOWER AND ACQIIIRING AND INSTALLING PIPING, A CONDENSER PUMP AND WATER TREATMENT FACILITIES, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, AT THE RECREATION CENTER. WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or usefulness of the improvement described in Section 1 is at least five years and that the maximum maturity of the bonds referred to in Section 1 is twenty years; NOW, THEREFORE, BE 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 (the Bonds) in the aggregate principal amount of $41,500 for the purpose of improving the recreational facilities of the City by constructing a water cooling tower and acquiring and installing piping, a condenser pump and water treatment facilities, together with the necessary appurtenances thereto, at the Recreation Center. Section 2. The Bonds shall be issued in one lot and only as fully registered Bonds registered as to both principal and interest, in the denom- inations of $100 or any integral multiple thereof but not exceeding the prin- cipal amount of the Bonds maturing on any one date; provided, however, that if appropriate and the purchaser shall so elect, a single Bond may be issued to evidence the entire issue; and shall be dated as of July 15, 1985. The Bonds shall bear interest at the rate of 7-1/2y per annum, payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1985, until the principal amount has been paid or provided for. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from July 15, 1985. The Bonds shall express on their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. The Bonds shall mature as follows: $7,100 on December 1, 1986; $7,700 on December 1, 1987; $8,300 on December 1, 1988; $8,900 on December 1, 1989; and $9,500 on December 1, 1990. Section 3. The Bonds shall be signed by the Mayor and the Director of Finance in their official capacities (either or both of those signatures may be a facsimile), and shall bear the corporate seal of the City or a facsimile of that seal. No Bond shall be valid or obligatory for any purpose or shall be entitled to any security or benefit under this ordinance unless and until the certificate of authentication printed on the Bond is signed by the Bond Registrar (as defined in Section 4 below) as authenticating agent. Authentication by the Bond Registrar shall be conclusive evidence that the Bond so authenticated has been duly issued, signed and delivered under this ordinance and is entitled to the security and benefit of this ordinance. The certificate of authentication may be signed by any authorized officer or employee of the Bond Registrar (or by the Director of Finance if the Director of Finance is then acting as Bond Registrar) or by any other person acting as an agent of the Bond Registrar and approved by the Director of Finance on behalf of the City. The same person need not sign the certificate of authentication on all of the Bonds.