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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- 162
<br />BY: COUNCIL MEMBER TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,400,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF RENOVATING, REMODELING, RE-
<br />HABILITATING, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING THE MUNICIPAL RECREATION CENTER AND
<br />IMPROVING AND EQUIPPING ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 90-36, passed April 17, 1990,
<br />notes in anticipation of bonds in the amount of $1,300,000, dated June 5, 1990
<br />were issued for the purpose stated in Section 1, and pursuant to Ordinance No.
<br />90-81, passed July 9, 1990, notes in anticipation of bonds in the amount of
<br />$200,000 were issued for the purpose stated in Section 1; which issues of
<br />notes were retired at maturity with the proceeds of $1,500,000 notes dated
<br />March 5, 1991, issued in anticipation of bonds for the purpose stated in
<br />Section 1, pursuant to Ordinance No. 91-19, passed February 6, 1991 (the 1991
<br />Notes), which 1991 Notes are to mature on December 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1991 Notes with the proceeds of the Notes described in Section 3
<br />and other funds available to the City; 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 />each class of the improvements described in Section 1 is at least five years,
<br />the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 5, 2005;
<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 aggre-
<br />gate principal amount of $1,400,000 (the Bonds) to pay costs of renovating,
<br />remodeling, rehabilitating, furnishing, equipping and otherwise improving the
<br />municipal recreation center and improving and equipping its site.
<br />Section 2. The Bonds shall be dated approximately September 1, 1992,
<br />shall bear interest at the now estimated rate of 8°6 per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />seven annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $1,400,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire, together
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