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ORDINANCE N0. 88-70 Councilman Wilamosky on behalf of the BY: Mayor M. Yvonne Petrigac and Council AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS, TO PAY COSTS OF IMPROVING NORTH OLMSTED INDUSTRIAL PARKWAY BETWEEN CERTAIN TERMINI BY GRADING, DRAINING, CURBING, PAVING AND CONSTRUCTING A WATER MAIN AND STORM AND SANITARY SEWERS, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO. WHEREAS, this Council has previously by proper legislation declared the necessity of the improvement described in Section 1; and 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, the maximum maturity of the bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the bonds, is five years, or one year if sold at private sale; 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 in the maximum aggregate principal amount of $1,360,000 (the Bonds) in anticipation of the levy and collection of special assessments to pay costs of improving Aiorth Olmsted Industrial Parkway by grading, draining, curbing, paving and installing a water main and storm and sanitary sewers, together with the necessary appurtenances thereto between certain termini and in the manner provided in Resolution No. 88-68, adopted June 21, 1988. Section 2. The Bonds shall be dated approximately July 1, 1989, shall bear interest at the now estimated rate of 9% 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 maximum aggregate principal amount of $1,360,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be sold, executed and delivered at such time or times and in such principal amount or amounts (not exceeding in the aggregate $1,360,000) as the Director of Finance shall determine, in the certificate or certificates awarding the Notes in accordance with Section 6 of this ordinance, appropriate to provide funds to pay costs of the improvement described in Section 1. The Notes shall bear interest at a rate or rates not to exceed 7% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If 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 principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10-1/2% per year f rom 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 or certificates awarding the Notes in accordance with Section 6 of this ordinance.