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ORDINANCE NO. 94- 51 <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 />the amount of $400,000 (the 1993 Notes) were issued in anticipation of bonds for the purpose <br />described in Section 1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, <br />Series 1993B, dated June 24, 1993, which 1993 Notes are to mature on March 24, 1994; and <br />WHEREAS, this Council finds and determines that the City should retire the 1993 <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 December 1, 1994, shall bear <br />interest at the now estimated rate of 6-1/2% per year, payable semiannually until the principal <br />amount is paid, and are estimated to mature in twenty annual principal installments that are <br />substantially equal. The first principal installment is estimated to be payable on December 1, <br />1995. <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 1993 Notes. The Notes shall bear interest at a rate not to exceed <br />5 % per year (computed on a 360-day per year basis), payable at maturity or at any date of <br />