98-079 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE NO. 98- 79 BY: COUNCILMAN 0'GRADY AN ORDINANCE AMENDING SECTION 6 OF ORDINANCE NO. 98-45, AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Section 6 of Ordinance No. 98-45 passed on May 19, 1998, be and is hereby amended to read as follows: Section 6. The Notes shall be sold by the Director of Finance at private sale to NatCity Investments, Inc., Cleveland, Ohio (the Original Purchaser), at a purchase price not less than 97% of par plus accrued interest, in accordance with law and the provisions of this ordinance. In accordance with her determination of the best interest of the City and the amount required for the purpose set forth in Section 1(including payment of financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Notes), and based on conditions then existing in the financial markets, the Director of Finance shall sign the Certificate of Award to establish and specify the aggregate principal amount of the Notes to be issued, the rate of interest the Notes are to bear, the final purchase price of the Notes and other final terms of the Notes in accordance with the terms of this ordinance and evidence the sale of the Notes to the Original Purchaser. Thereafter, the Director of Finance shall cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the Original Purchaser, to the Original Purchaser upon payment of the purchase price. T'he Mayor, the Director of Finance, the Clerk of Council, the Director of Law, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instnunents and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. The Mayor and the Director of Finance are authorized, on behalf of the City and in their official capacities, to (i) prepare or cause to be prepared, and make or authorize modifications, completions or changes of or supplements to, a disclosure document in the form of an official