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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94-136
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $400,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />REAL ESTATE AND PAYING COSTS OF CONSTRUCTING
<br />A FIRE STATION THEREON, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-72, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $400,000 were issued for the purpose described in Section
<br />1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B, dated
<br />June 24, 1993, which notes were retired at maturity with the proceeds of $400,000 notes (the
<br />1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-51, passed on March
<br />1, 1994, as a part of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B,
<br />dated March 23, 1994, which 1994 Notes are to mature on December 15, 1994; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to this
<br />Council that the estimated life or period of usefulness of each class of improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $400,000 (the Bonds) for the purpose of acquiring real estate and paying costs of
<br />constructing a fire station thereon.
<br />Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest
<br />at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount
<br />is paid, and are estimated to mature in twenty annual principal installments that are substantially
<br />equal. The first principal installment is estimated to be payable on December 1, 1996.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $400,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed
<br />6 % per year (computed on a 360-day per year basis), payable at maturity or at any date of
<br />earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount
<br />is paid or payment is provided for. If requested by the original purchaser, the Notes may
<br />provide that, in the event the City does not pay or make provision for payment at maturity of
<br />the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different
<br />rate or rates not to exceed 10% per year from the maturity date until the City pays or makes
<br />provision to pay that principal amount. The rate or rates of interest on the Notes shall be
<br />determined by the Director of Finance in the certificate awarding the Notes in accordance with
<br />Section 6 of this ordinance.
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