Laserfiche WebLink
CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2001- 33 <br />BY: Councilmember McKay <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS <br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $10,750,000 FOR <br />THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND <br />OTHERWISE IMPROVING A FREE PUBLIC LIBRARY BUILDING AND <br />ACQUII2ING, PREPARING, LANDSCAPING AND OTHERWISE IMPROVING <br />ITS SITE, AND DECLARING AN EMERGENCY. <br />WHEREAS, at an election held on November 7, 2000, on the question of issuing bonds <br />of the City in the aggregate principal amount of $10,750,000 for the purpose stated in Section 2 and of <br />levying taxes outside the 11.1-mill limitation provided by the City Charter to pay the debt charges on <br />those bonds and any anticipatory securities, the requisite majority of those voting on the question <br />voted in favor of it; and <br />WHEREAS, pursuant to Ordinance No. 2000-158 passed by this Council on November <br />27, 2000, the City issued its $2,750,000 Library Improvement Notes, Series 2000 (the Outstanding <br />Series A Notes), dated December 21, 2000, as the first installment of the indebtedness authorized at <br />that election; and <br />WHEREAS, pursuant to Ordinance No. 2000-163 passed by this Council on December <br />19, 2000, the City issued its $8,000,000 Library Improvement Notes, Series 2001 (the Outstanding <br />Series B Notes), dated January 31, 2001, as a second and final installment of the indebtedness <br />authorized at that election; and <br />WHEREAS, this Council finds and determines that the City should issue the Bonds <br />described in 5ection 2 to provide funds to retire the Outstanding Series A Notes and the Outstanding <br />Series B Notes at their maturity on July 31, 2001; and <br />WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer, <br />certify the estimated life or period of usefulness of each class of the improvements described in <br />Section 1 and the maximum maturity of the Bonds described in Section 1; and <br />WHEREAS, the Director of Finance has certified that the estimated life or period of <br />usefulness of each class of the improvements is at least five years and that the maximum maturity of <br />the Bonds described in Section 1 is twenty years9 <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 Interpretations. In addition to the words and terms elsewhere <br />defined in this ordinance, unless the context or use clearly indicates another or different meanulg or <br />intent: