2012-095 Ordinance - Laserfiche WebLink

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City Hall Parking Lot Improvements Renewal CITY OF NORTH OLMSTED ORDINANCE NO. 2012-95 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS W A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $130,000 TO PROVIDE FUNDS TO PAY COSTS OF 1MPROVING THE CITY HALL COMPLEX BY PREPARING THE SURFACE OF AND SURFACING AND RESURFACING PARKING AREAS AND SIDEWALKS, CONSTRUCTING AND RECONSTRUCTING CURBS AND PROVIDING LANDSCAPING, TOGETHER WITH NECESSARY APPURTENANCES AND WORK IIYCIDENTAL THERETO, A1vD DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2012-19 passed March 7, 2012, a note in anticipation of bonds in the amount of $137,000 (the Outstanding Note) was issued for the purpose stated in Section 2, as a part of a consolidated issue of $2,890,000 Capital Improvement and Equipment Notes, Series 2012, dated April 24, 2012, which Outstanding Note is to mature on February 27, 2013; and WHEREAS, this Council finds and determines that the City should issue the Bonds described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten years; NO W, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to a principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Registrar Agreement, the Continuing Disclosure Agreement and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds.