94-131 Ordinance - Laserfiche WebLink

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.. -2- Notes, Series 1994A, dated January 19, 1994, which Outstanding 1994 Notes are to mature October 19, 1994; and WHEREAS, this Council finds and determines that the City should retire the Outstanding 1992 Notes and the Outstanding 1994 Notes with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is October 30, 2010; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $6,975,000 (the Bonds) for the purpose of improving the municipal sanitary sewer system by constructing, reconstructing, rehabilitating and replacing sanitary sewers and sanitary sewer connections and by improving and equipping the wastewater treatment plant, together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1996. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $6,975,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the Outstanding 1992 Notes and the Outstanding 1994 Notes. The Notes shall bear interest at a rate not to exceed 6 % per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10 % per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the office of another bank or trust company or of the Director of Finance as requested by the original purchaser of the Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company or the office of the Director of Finance will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shall be dated the date of issuance and shall mature on July 20, 1995. If agreed to by the original purchaser, the Notes shall be prepayable without penalty or premium at the option of the City at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes together with interest accrued thereon to the date of prepayment. The City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of the Paying Agent, by certified or registered mail to the original purchaser of the Notes not less than seven