2010-073 Ordinance - Laserfiche WebLink

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Sewer Jet Truck CITY OF NORTH OLMSTED ORDINANCE N0.2010-73 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $320,000 FOR THE PURPOSE OF ACQUIRING A SEWER JET TRUCK AND ALL NECESSARY APPURTENANCES AND RELATED EQUIPMENT FOR USE IN CARRYING OUT FUNCTIONS OF THE CITY'S DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2010-19 passed February 16, 2010, a note in anticipation of bonds in the amount of $320,000 (the Outstanding Note) was issued for the purpose stated in Section 2, as a part of a consolidated issue of $4,390,000 Capital Improvement and Equipment Notes, Series 2010, dated April 1, 2009, which Outstanding Note is to mature on September 30, 2010; and WHEREAS, this Council finds and determines that the City should issue the Bonds described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer of this City, certify the estimated life or period of usefulness of the vehicle and equipment described in Section 2 and the maximum maturity of the Bonds described in Section 2; and WHEREAS, the Director of Finance has certified to this Council that the estimated life or period of usefulness of the vehicle and equipment described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is at least five years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to the principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Certificate and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds.