93-014 Ordinance - Laserfiche WebLink

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? w BY: COUNCILMAN LIND _ CITY OF NORTH OLMSTED ORDINANCF N0. 93-- / AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $2,000,000 NOTEa, IN ANTICIPATION OF THE ISSUANCE OF RONDS, FOR THE PURPOSE OF IMPROVING THE MUNICIPl1L SANITARY S.F,WER SYSTEM BY CONSTRUCTING, RECONSTRUCTING, REHABII..ITATING AND REPLACING SANITARY SEWERS AND wANITARY SEWER CONNE(:TIONS AND BY IMPROVING ANll EQUIPPING THE WASTEWAT.ER TREATMENT PLANT, TOGETHER WITH TFIE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, the Director certifi.ed to this Council that t.he improvement.s described in maximum maturity of the Bonds r.:aximum maturity of the Notes pation of ttie Bonds, is twenty of Finance as fiscal officer of this City has the estimated life or period of usefulness of Section 1 is at least five years, the estimatzd described in Section 1 is twenty years, and Lhe described in Section 3, to be issued in antici- years; NOW, THEREFOHE, BF IT ORDAINED by the Council of the City of North Ol.msted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of th.i_s City in ttie aggregate princi.pal amount of $2,000,000 (the Bonds) for ttie purpose of_ improving the mixnicipal sanitary sewer system by constructing, reconstructing, reriabilitating and replacing sanitary sewers and sanitary sewer conner.tions a.nd by improving and equipping the wastewater treatment plant, together wi.tl, ttie necessary appurtenances and work incidental thereto. Section 2. Ttie Bonds shall be dated approximately January i, 1994, shall bear interest at the now estimated rate of 8% per year, payable semi.- annually until tlie principal amount is paid, and are estimated to mature iri twenty annual principal iTistallmer_ts that are substantially equal. The first principal installrr?ent is estimated to be December 1, 1994. Section 3. It is nenessary to isstie and this Counc:il determiiies that notes in the aggregate principal amount of $2,000,000 (the Notes) s}iali be issuFd in antiripation of the issuance of thr-, Bonds. The Notes sha11 bear interest at a rate or rates not to exceed 7% per year (computed on a 360-day per year basis), payable at makurity or at any date of earlier pr.epayment as provided £or :i_n :ect.ion 4 of this orda.naxice and until. the principal amount i.s paid or paymetit i.s provided for. if requested by ttie original purchaser, ttie Notes mav provide that, in ttie event ttie Ci.ty does not pay or make provision f'or pa.yment at maturity ot thQ ciebt charges on the Notes, the p.rincipal amount of the Notes shall bear :i..nterc!st at a dif-f.ereitt rate or rates not to exceed 10% per year from t.he matur.ity ciate urltil the Cit,y pays or makes pravision to