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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 98- 75
<br />BY: COUNCILMAN 0'GRADY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $312,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S PARK AND RECREATIONAL FACILITIES BY
<br />REMODELING, RENOVATING, REHABILITATING AND
<br />OTHERWISE IMPROVING THE RECREATION CENTER,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 98-56 passed on May 19, 1998, as amended by
<br />Ordinance No. 98-69 passed on June 10, 1998, notes in anticipation of bonds in the amount of
<br />$312,000 (the Outstanding Notes) were issued as a part of a consolidated issue of $716,000 Various
<br />Purpose Improvement Notes, First Series, dated July 1, 1998, which Outstanding Notes are to
<br />mature on October 1, 1998; and
<br />WHEREAS, the Council finds and determines that the City should issue the Notes
<br />described in Section 3 to provide the amount necessary, together with other funds available to the
<br />City, to retire the Outstanding Notes; and
<br />WHEREAS, the Director of Finance, as fiscal officer of tlus City, has certified to this
<br />Council that the estimated life or period of usefulness of each class of the improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is July l, 2018;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal
<br />amount of $312,000 (the Bonds) for the purpose of improving the City's pazk and recreational
<br />facilities by remodeling, renovating, rehabilitating and otherwise unproving the Recreation Center.
<br />Section 2. The Bonds shall be dated approximately June 1, 1999, shall bear interest at
<br />the now estimated rate of 5'/2% per year, payable semiannually until the principal amount is paid,
<br />and are estimated to mature in twenty annual principal installments that are substantially equal. The
<br />first principal installment is estimated to be payable on December l, 2000.
<br />Section 3. It is necessary to issue and this Council determines that notes in a maximum
<br />aggregate principal amount of $312,000 (the Notes) sha11 be issued in anticipation of the issuance of
<br />the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The
<br />Notes shall be dated the date of their issuance, and shall mature one year from the date of issuance;
<br />provided that the Director of Finance may, if she determines it to be necessary or advisable in
<br />connection with the sale of the Notes, establish a different maturity da.te that is up to seven days less
<br />than one year from the da.te of issuance. The Notes shall bear interest at a rate not to exceed 5'/z%
<br />per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at
<br />maturity and until the principal amount is paid or payment is provided for. Subject to the limrtations
<br />set forth herein, the aggregate principal amount of the Notes issued and the rate of interest on the
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