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j ~ ~ + MVro °«w CITY OF NORTH OLMSTED ORDINANCE NO. 94- 37 BY: Councilman Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $300,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE RECREATION CENTER COMPLEX BY SURFACING AND RESURFACING PARKING AREAS AND DRIVEWAYS AND CONSTRUCTING A BUILDING TO HOUSE MAINTENANCE EQUIPMENT THEREFOR. 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 each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen years; 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 $300,000 (the Bonds) for the purpose of improving the Recreation Center Complex by surfacing and resurfacing parking areas and driveways and constructing a building to house maintenance equipment therefor. Section 2. The Bonds shall be dated approximately December 1, 1994, shall bear interest at the now estimated rate of 6 % per year, payable semi-annually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1995. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $300,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 5 % 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 8 % 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 principal office of a bank or trust company requested by the original purchaser of the Notes,