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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94- 2
<br />BY: COUNCILMAN DAVID LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $2,000,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING THE MUNICIPAL SANITARY SEWER
<br />SYSTEM BY CONSTRUCTING, RECONSTRUCTING,
<br />REHABILITATING AND REPLACING SANITARY
<br />SEWERS AND SANITARY SEWER CONNECTIONS AND
<br />BY IMPROVING AND EQUIPPING THE WASTEWATER
<br />TREATMENT PLANT, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-14, passed March 2, 1993, notes in
<br />anticipation of bonds in the amount of $2,000,000 were issued for the purpose stated in
<br />Section 1 dated Apri120, 1993, and maturing January 20, 1994 (the 1993 Notes);
<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
<br />this Council that the estimated life or period of usefulness of the improvements described in
<br />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
<br />be issued in anticipation of the Bonds, is Apri120, 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 $2,000,000 (the Bonds) for the purpose of improving the municipal sanitary sewer
<br />system by constructing, reconstructing, rehabilitating and replacing sanitary sewers and
<br />sanitary sewer connections and by improving and equipping the wastewater treatment plant,
<br />together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately October 1, 1994, shall bear
<br />interest at the now estimated rate of 6 % per year, payable semi-annually 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 December 1, 1995.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $2,000,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds and to retire the 1993 Notes. The Notes shall bear interest at a rate or
<br />rates not to exceed 5 % per year (computed on a 360-day per year basis), payable at maturity
<br />or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the
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