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<br />Series Q
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2006-36
<br />BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $360,000 TO
<br />PAY COSTS OF ACQUIRING AND INSTALLING COMPUTERS AND
<br />RELATED EQUIPMENT AND SOFTWARE.
<br />WHEREAS, pursuant to Ordinance No. 2003-55 passed on May 7, 2003, notes in
<br />anticipation of bonds in the amount of $500,000, were issued for the purpose of acquiring and
<br />installing computers and related equipment and software for financial and administrative systems
<br />management, as a part of a consolidated issue of $2,195,000 Capital Improvement Notes, Series 2003,
<br />dated June 18, 2003, which notes were retired at maturity with funds available to the City and the
<br />proceeds of $400,000 notes, issued in anticipation of bonds pursuant to Ordinance No. 2004-35
<br />passed on Apri16, 2004, as a part of a consolidated issue of $3,675,000 Capital Improvement Notes,
<br />Series 2004, dated May 4, 2004, which notes were retired at maturity with funds available to the City
<br />and the proceeds of $300,000 notes (the Outstanding Series A Notes), issued in anticipation of bonds
<br />pursuant to Ordinance No. 2005-34 passed on April 5, 2005, as a part of a consolidated issue of
<br />$3,185,000 Capital Improvement Notes, Series 2005, dated May 3, 2005, which Outstanding Series
<br />A Notes are to mature on May 3, 2006; and
<br />WHEREAS, pursuant to Ordinance No. 2005-50 passed on May 4, 2005, notes in
<br />anticipation of bonds in the amount of $155,000 (the Outstanding Series B Notes), were issued for the
<br />purpose of acquiring and installing computers and related equipment and software, as a part of a
<br />consolidated issue of $2,990,000 Capital Improvement Notes, Series 2005, dated June 21, 2005,
<br />which Outstanding Series B Notes are to mature on May 3, 2006; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds, together with other funds available to the City, to retire the
<br />Outstanding Series A Notes and the Outstanding Series B Notes at their maturity on May 3, 2006; and
<br />WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of each class of the improvements described in
<br />Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is
<br />five years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br />any, a denomination equal to the principal amount that, when interest is accrued and compounded
<br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated
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