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.~ .. CITY OF NORTH OLMSTED ORDINANCE NO. 97- 42 BY: ~, LIND AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING AN ADDITION TO THE CITY'S POLICE STATION AND PREPARING AND IMPROVING THE SITE THEREOF. WHEREAS, this Council has requested the Director of Finance, as fiscal officer of this City, to certify the estimated life or period of usefulness of each class of the improvements described in Section 1 and the estimated maximum maturity of the Bonds described in Section 1 and of the Notes described in Section 3, to be issued in anticipation of the Bonds; 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 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty yeazs, based on the weighted average of the amounts allocated to the several classes of improvements set forth in the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the maximum maturity of the Notes described in Section 3 is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $200,000 (the Bonds) for the purpose of constructing, furnishing, equipping and otherwise improving an addition to the City's police station and preparing and improving the site thereof. Section 2. The Bonds shall be dated approximately June 1, 1998, shall beaz interest at the now estimated rate of 6-3/4% per year, payable semiannually until the principal amount is paid, and aze estimated to mature in twenty annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1999. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall beaz interest at a rate not to exceed 6% per yeaz (computed on a 30-day month/360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the certificate awazding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award). Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio. The Notes shall be dated the date of their issuance, and shall mature one year from the date of issuance; provided that the Director of Finance may, if he determines it to be necessary or advisable in connection with the sale of the Notes, establish a different maturity date that is up to seven days less than one year from the date of issuance. _.,,.,_:d,,~ ~r :. _ ,_