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91-026 Ordinance
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91-026 Ordinance
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1/11/2014 12:57:03 PM
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12/30/2013 11:12:48 AM
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North Olmsted Legislation
Legislation Number
91-026
Legislation Date
2/6/1991
Year
1991
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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 91- 26 <br />BY: Ronald Talton <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 with funds avai.labl.e to the City and the proceeds of a $100,000 note <br />dated June 5, 1990 (the 1990 Note) issued in anticipation of bonds pursuant to <br />Ordinance No. 90-60, passed May 15, 1990, which 1990 Note is to mature on <br />March 5, 1991; and <br />WHEREAS, this Council finds and determines that the City should <br />retire the 1990 Note with the proceeds of the Note described in Section 3, and <br />WHEREAS, the D.i.rector of Finance as fiscal. officer of this City has <br />cert.if_ied 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 />maximum maturity of the Bonds described in Section 1 is twenty years, and the <br />maximum maturity of tYie 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 December 1, 1991, <br />shall bear interest at the now estimated rate of 8% per year, payable semi- <br />annually until the principal amount i.s 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 i.n <br />anti.ci.pation of the issuance of the Bonds and to retire the 1990 Note. The <br />Note shall bear interest at a rate or rates not to exceed 8% per year <br />
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