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CITY OF NORTH OLMSTED ORDINANCE N0. 79-59 BY . ?, AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF IMPROVING THE RECREATIONAL FACILITIES OF THE CITY BY CONSTRUCTING A BUILDING HOUSING AN ICE SKATING RINK, SWIMMING POOL, TENNIS COURTS AND APPURTENANT FACILITIES, CONSTRUCTING A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND IMPROVING THE SITE THEREFOR, AND PRO- VIDING FURNISflINGS AND EQUIPMENT FOR SUCH RECREATION CENTER AND GROUNDS, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordiasnce No. 78-48, passed May 16, 1978, an issue of notes in the amount of $3,463,000 was issued for the purpose set forth in Section 1 hereof, which notes mature on June 8, 1979; and WHEREAS, this Couacil has determined to issue the $3,463,000 renewal notes hereia suthorized, the proceeds of which will be used to retire the outstanding notes at maturity; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of bonds suticipated $nd to the notes herein suthorized; NOW, THEREFORE, BE IT ORDAINED bq the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is herebq declared necessary to issue bonds of the City of North Olmsted in the priacipal sum of $3,463,000 for the pur- pose of improving the recreatioaal facilities of the City by constructing a building housing an ice skatiag rink, swimming pool, tennis courts aad appurtenant facilities, constructing a toboggan slide, acquiring, developing and improving the site therefor, and providiag furnishings and equipment for such recreation center and grounda, and to the extent necessary to pay not to exceed one year`s interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately June 1, 1980, shall bear interest at the estimated rate of six and oae-half per ceatum (6-1/2z) per anaum, payable semi-annually, until the principal sum is paid, and shall mature in thirtq aanual installmeats after their issu- ance as authorized by Revised Code Section 133.032. Section 3. That for the purpoae of raising money in anticipation of the issuaace of the aforesaid bonds and to provide funds for the retire- ment of the aforesaid note maturing June 8, 1979, it is hereby declared necessary to issue and there shall be issued notes of said City in the prin- cipal amount of $3,463,000. Section 4. That such anticipatory notes in the amonat aforesaid shall bear interest at such rate not exceeding eight per centum (8X) per annum, paqable at maturitq, and at such rate after maturity not exceeding eight per