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2001-034 Ordinance
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2001-034 Ordinance
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1/16/2014 10:57:34 AM
Creation date
1/16/2014 3:26:31 AM
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North Olmsted Legislation
Legislation Number
2001-034
Legislation Date
3/21/2001
Year
2001
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interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds <br />identified in this ordinance are subject to further specification or determination in the Certificate of <br />Award upon the finalization of the terms and provisions of the Bonds. The aggregate principal <br />amount of Bonds to be issued, as so specified in the Certificate of Award, shall be the amount <br />determined by the Mayar and the Director of Finance to be necessary, taking into account any <br />premium above or discount from the aggregate principal amount of the Bonds at which they are sold <br />to the Original Purchaser, to carry out the purpose for which the Bonds are to be issued in a manner <br />consistent with the agreements and covenants of the City set forth in the Original Bond Legislation, <br />the Refunded Bonds and this ordinance. <br />Section 3. Denominations° Dating• Principal and Interest Payment and Redemption <br />Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the Authorized <br />Denominations, but in no case as to a particular maturity date exceeding the principal amount <br />maturing on that date. The Bonds shall be dated as of May 1, 2001, or such other date not later than <br />June l, 2001, as is established by the Mayar and the Director of Finance in the Certificate of Award. <br />(a) Interest Rates and Payment Dates. The Bonds shall bear the rate or rates of interest <br />per year (computed on the basis of a 360-day year consisting of twelve 30-day months), not <br />exceeding 10% per year for any stated maturity, as shall be specified by the Mayor and the Director of <br />Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; <br />provided, that all Bonds of the same maturity shall bear the same rate of interest. Interest on the <br />Bonds shall be payable on each Interest Payment Date until the principal amount has been paid or <br />provided for. The Bonds shall bear interest from the most recent date to which interest has been paid <br />or provided for or, if no interest has been paid or provided for, from their date. <br />(b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant to <br />Mandatory Sinking Fund Redemption Requirements (as hereinafter defined and described) on the <br />Principal Payment Dates in the following principal amounts: <br /> Principal Principal <br />Year Amount Year Amount <br />2001 $124,000 2007 $376,000 <br />2002 60,000 2008 376,000 <br />2003 328,000 2009 384,000 <br />2004 347,000 2010 387,000 <br />2005 340,000 2011 402,000 <br />2006 360,000 2012 417,000 <br />; provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the <br />principal amount of Bonds payable on any one or more of the Principal Payment Dates may be <br />increased or decreased as specified by the Mayor and the Director of Finance in the Certificate of <br />Award. <br />Consistently with the foregoing and in accordance with their determination of the best <br />interest of and financial advantages to the City, the Mayor and the Director of Finance shall specify in <br />-6-
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