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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 80'58
<br />BY~ . ~~~.~
<br />
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF
<br />NOTES IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS FOR THE PURPOSE OF IMPROVING THE
<br />RECREATIONAL FACILITIES OF THE CITY BY
<br />CONSTRUCTING A BUILDING .HOUSING AN ICE
<br />SKATING RINK, SWIMMING POOL, TENNIS COURTS
<br />AND APPURTENANT FACILITIES, CONSTRUCTING
<br />A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING
<br />AND IMPROVING THE SITE THEREFOR, AND PRO-
<br />VIDING FURNISHINGS AND EQUIPMENT FOR SUCH
<br />RECREATION CENTER AND GROUNDS, AND DECLARING
<br />AN EMERGENCY .
<br />. WHEREAS, pursuant to Ordinance No. 74-51 passed May 21, 1974, notes
<br />in anticipation of the issuance of bonds in the amount of $3,000,000 dated
<br />June 12, 1974 were issued and pursuant to Ordinance No. 74-I46 passed October 31,
<br />1974 notes in anticipation of the issuance of bonds in the amount of $362,218
<br />dated December 4, 1974 were issued, all for the purpose hereinafter stated,
<br />which notes were retired 'at maturity with the proceeds of $3,362,218 notes
<br />dated June 12, 1975, issued in anticipation of the issuance of bonds pursuant
<br />to Ordinance No. 75-89 passed May 6, 1975, which notes were retired at maturity
<br />with the proceeds of $3,440,000 notes dated June 11, 1976, issued in anticipation
<br />of bonds pursuant to Ordinance No. 76-84 passed June 1, 1976 to provide funds
<br />to retire such outstanding notes and to provide additional funds for the purpose
<br />hereinafter stated, which notes were retired at maturity with the proceeds of
<br />$3,463,000 notes dated June I0, 1977, issued in anticipation of bonds pursuant
<br />to Ordinance No. 77-69 passed May 17, 1977 to provide funds to retire such
<br />outstanding notes and a $21,000 note dated October 12, 1976 issued in antici-
<br />pation of bonds pursuant to Ordinance No. 76-137 passed September 21, 1976
<br />for the purpose hereinafter stated, and to provide additional funds for the
<br />purpose hereinafter stated, which notes were retired at maturity with the
<br />proceeds of $3,463,000 notes dated June 9, 1978, issued in anticipation of
<br />bonds pursuant to Ordinance No. 78-48 passed May 16, 1978, which notes were
<br />also retired at maturity with the proceeds of $3,463,000 notes dated June 8,
<br />1979, issued in anticipation of bonds pursuant to Ordinance No. 79-59 passed
<br />May 15, 1979, which notes will mature on June 6, 1980; and
<br />WHF,REAS, there is available the sum of $103,000 which this Council
<br />has determined to apply against tine principal amount of tiie outstanding;
<br />notes and this Council has further determined to issue the $3,355,000 renewal
<br />notes herein authorized to provide the remaining funds necessary to retire
<br />the outstanding notes at maturity; and _
<br />WHEREAS, the fiscal officer of the City has certified the maximum
<br />maturity of bonds anticipated and of the notes herein authorized;
<br />
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