91-024 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 91- 24 BY: Ronald Tallon AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A $100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE CITY'S STREET SYSTEM BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE FLOW OF VEHICULAR AND PEDESTRIAN TRAFFIC, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-53, passed July 6, 1989, notes in anticipation of bonds in the amount of $180,000, dated August 10, 1989, were issued for the purpose stated in Section 1, which notes were retired at maturity with funds available to the City and the proceeds of a $100,000 note dated June 5, 1990 (the 1990 Note) issued in anticipation of bonds pursuant to Ordinance No. 90-61, passed May 15, 1990, which 1990 Note is to mature on March 5, 1991; and WHEREAS, this Council finds and determines that the City should retire the 1990 Note with the proceeds of the Note described in Section 3; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Note described in Section 3, to be issued in anticipation of the Bonds, is August 10, 2004; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyakioga County, Okiio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $100,000 (the Bonds) to pay costs of improving the City's street system by acquiring and installing signals, signs and other eyuil>ment and devices to direct and control the flow of vehicular and pedestrian traffic. Section 2. The Bonds shall be dated approximately December 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that a note in the principal amount of $100,000 (the Note) shall. be issued i.n anticipation of the issuance of the Bonds and to retire the 1990 Note. The Note shall bear interest at a rate or rates not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity and until the