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ORDINANCE NO. 93- 57 $y: COUNCIL MENNIBER DAVID LIND AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $245,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL FACILITIES BY ACQUIRING AND IN5TALLING HEATING, VENTILATING AND AIR CONDITIONING EQUIPMENT FOR THE COMMUNITY CABIN; BY RESURFACING WITH ASPHALT AND CURBING, AND ACQUIRING AND INSTALLING STREET LIGHTING FOR, THE RECREATION CENTER PARKING LOT AND THE DRIVEWAY FROM LORAIN ROAD TO THAT PARKING LOT; BY RECONSTRUCTING AND PAVING WITH CONCRETE THE EXISTING WALKWAY FROM LORAIN ROAD TO THE RECREATION CENTER; AND BY DRAINING AND LANDSCAPING THE RECREATION CENTER SITE, ALL TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. 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 fifteen years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty years; 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 $245,000 (the Bonds) for the purpose of improving the Ciry's park and recreational facilities by acquiring and installing heating, ventilating and air conditioning equipment for the Community Cabin; by resurfacing with asphalt and curbing, and acquiring and installing street lighting for, the Recreation Center parking lot and the driveway from Lorain Road to that parking lot; by reconstructing and paving with concrete the existing walkway from Lorain Road to the Recreation Center; and by draining and landscaping the Recreation Center site, all together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately January 1, 1994, shall bear interest at the now estimated rate of 7-1/2% per year, payable semi-annually until the principal amount is paid, and are estimated to mature in fifteen annual principal installments that 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 $245,000 (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 7% per year (computed on a 360-day per year basis), payable at maturiry or at any date of earlier prepayment as provided for in 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