|
2011 Golf Course Improvements
<br />Renewal
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2012-92
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $270,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE GOLF COURSE
<br />AT THE CITY'S SPRINGVALE GOLF COURSE AND BALLROOM
<br />FACIC,ITY BY RENOVATING, RESHAPING AND OTHERWISE
<br />IMPROVING BUNKERS, PROVIDING DRAINAGE IMPROVEMENTS FOR
<br />BUNKERS AND GREENS AND OTHERWISE IMPROVING THE COURSE,
<br />IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES
<br />AND WORK INCIDENTAL THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2011-37 passed April 19, 2011, a note in
<br />anticipation of bonds in the amount of $303,000 was issued for the purpose stated in Section 2, as a
<br />part of a consolidated issue of $1,365,000 Capital Improvement and Equipment Notes, Series 2011,
<br />dated June 8, 2011, which note was retired with funds available to the City and the proceeds of a
<br />$274,700 note (the Outstanding Note) issued in anticipation of bonds pursuant to Ordinance No.
<br />2012-12 passed February 21, 2012, as a part of a consolidated issue of $2,890,000 Capital
<br />Improvement and Equipment Notes, Series 2012, dated Apri124, 2012, which Outstanding Note is to
<br />mature on 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 off'icer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvements described in Section 2 is at
<br />least five years and that the maximum maturity of the Bonds described in Section 2 is ten 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 Intemretation. 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,
|