|
CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- 169
<br />13Y: COUNCIL MEMBER TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A
<br />$100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL
<br />SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING AND
<br />INSTALLING STORM SEWERS, STORM WATER RETENTION BASINS,
<br />STORM WATER DRAINAGE CONTROL EQUIPMENT AND CATCH
<br />BASINS, TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-31, passed April 19, 1989,
<br />notes in anticipation of bonds in the amount of $145,000, dated June 6, 1989
<br />were issued for the purpose stated in Section 1, which notes were retired at
<br />maturity cvith funds available to the City and the proceeds of a $100,000 note
<br />dated June 5, 1990 issued in anticipation of bonds pursuant to Ordinance No.
<br />90-60, passed May 15, 1990, which note was retired at maturity with the
<br />proceeds of a $100,000 note dated March 5, 1991, issued in anticipation of
<br />bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-26,
<br />passed February 6, 1991 (the 1991 Note), which 1991 Note is to mature on
<br />L"~~er~iber 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1991 Note with the proceeds of the Note described in Section 3, and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at least five years, the estimated
<br />rnaximum maturity of the Bonds described in Section 1 is twenty years, and the
<br />maximum maturity of the Note described in Section 3, to be issued in
<br />anticipation of the Bonds, is June 6, 2009;
<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 in the
<br />aggregate principal amount of $100,000 (the Bonds) to pay costs of improving
<br />the municipal sewerage system by acquiring, constructing and installing storm
<br />sewers, storm water retention basins, storm water drainage control equipment
<br />and catch basins, together with the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately September 1, 1992,
<br />sha.l.l bear interest at the now estimated rate of 8~ per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />twenty annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that
<br />a note in the principal amount of $100,000 (the Note) shall be issued in
<br />anticigat3.on of the issuance of the Bonds and to retire the 1991 Note. The
<br />
|