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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- 19
<br />By, Ronald Tallon
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$1,500,000 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 IMPROV-
<br />ING 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 (collectively, the 1990 Notes) are to mature on March 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1990 Notes with the proceeds of the Notes described in Section 3;
<br />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 No r.t.h
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in tYte aggre-
<br />gate principal amount of $1,500,000 (the Bonds) to pay costs of renovating,
<br />x-emodeling, 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 December 1, 1991,
<br />shall 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 />eight annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Coi.incil determines that
<br />notes in the aggregate principal amount of $1,500,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire the 1990
<br />Notes. The Notes shall bear interest at a rate or rates not. io exceed 8% per
<br />year (computed on a 360-day per year basis), payable at maturity and until the
<br />principal amount is paid or payment is provided for. If requested by th.e
<br />original purchaser, the Notes may provide that, in the event the City does not
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