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2012 Computer Equipment <br />Renewal <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2012-91 <br />BY: Mayor Kennedy <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS <br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $335,000 TO <br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING <br />COMPUTER HARDWARE AND SOFTWARE, TOGETHER WITH <br />NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, pursuant to Ordinance No. 2012-17 passed March 7, 2012, a note in <br />anticipation of bonds in the amount of $404,500 (the Outstanding Note) was issued for the purpose <br />stated in Section 2, as a part of a consolidated issue of $2,890,000 Capital Improvement and <br />Equipment Notes, Series 2012, dated April 24, 2012, which Outstanding Note is to mature on <br />February 27, 2013; and <br />WHEREAS, this Council finds and determines that the City should issue the Bonds <br />described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and <br />WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this <br />Council that the estimated life or period of usefulness of the equipment described in Section 2 is at <br />least five years and that the maximum maturity of the Bonds described in Section 2 is five years; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere <br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or <br />intent: <br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if <br />any, a denomination equal to a principal amount that, when interest is accrued and compounded <br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated <br />maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple <br />thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole <br />multiple thereof. <br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the <br />Registrar Agreement, the Continuing Disclosure Agreement and such other proceedings of the City, <br />including the Bonds, that provide collectively far, among other things, the rights of holders and <br />beneficial owners of the Bonds. <br />"Bond Register" means the books and records necessary for the registration, exchange <br />and transfer of the Bonds maintained by the Bond Registrar as provided in Section 5. <br />r