2006-034 Ordinance - Laserfiche WebLink

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ORDINANCE N0.2006-34 BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,090,000 FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED STREETS IN THE CITY, IN COOPERATION WITH THE DIRECTOR OF TRANSPORTATION OF THE STATE OF OHIO AND OTHERWISE, BY GRADING, DRAINING, REPLACING SECTIONS OF CONCRETE PAVEMENT, PREPARING THE SURFACE, RESURFACING AND CONSTRUCTING AND RECONSTRUCTING SIDEWALKS, WHERE NECESSARY, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, pursuant to Ordinance No. 2005-46 passed on May 4, 2005, notes in anticipation of bonds in the amount of $2,055,000 (the Outstanding Notes), were issued to pay costs of improvements described in Section 2, as a part of a consolidated issue of $2,990,000 Capital Improvement Notes, Series 2005, dated June 21, 2005, which Outstanding Notes are to mature on May 3, 2006; 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 Notes at their maturity on May 3, 2006; 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 each class of the improvements 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 each class of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is fifteen 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.