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11? CITY OF NORTH OLMSTED ORDINANCE NO. 93-159 BY: MAYOR BOYLE AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $4,100,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING SPRINGVALE COUNTRY CLUB, INCLUDING LAND; THE CLUBHOUSE, MAINTENANCE BUILDING AND OTHER STRUCTURES LOCATED THEREON; FIXTURES, FURNISHINGS AND EQUIPMENT; SPRINKLER, UNDERGROUND DRAINAGE AND WATER DISTRIBUTION SYSTEMS AND RELATED SITE IMPROVEMENTS; ALL TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, FOR USE AS A GOLF COURSE AND RECREATIONAL AND COMMUNITY CENTER. 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 Improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty-five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty years; and WHEREAS, the Director of Finance as fiscal officer of this City has estimated the receipts of the City to be derived from the Improvements described in Section 1 during 1994 (assuming that the City acquires the Improvements on March 1, 1994) and during 1995; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $4,100,000 (the Bonds) for the purpose of acquiring Springvale Country Club, including land; the clubhouse, maintenance building and other structures located thereon; fixtures, furnishings and equipment; sprinkler, underground drainage and water distribution systems and related site improvements; all together with the necessary appurtenances thereto, for use as a golf course and recreational and community center (the Improvements). Section 2. The Bonds shall be dated approximately December 1, 1994, shall bear interest at the now estimated rate of 6% per year, payable semi-annually until the principal amount is paid, and are estimated to mature in twenty-five annual principal installments such that the principal and interest payments in any fiscal year in which principal is payable are substantially equal. The first principal installment is estimated to be December 1, 1995. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $4,100,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for m Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 8% per year from the maturity date until the City pays or