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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 98- 74
<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 $202,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BUNDS, FOR THE PURP'OSE OF CON-
<br />STRUCTING AND RECONSTRUCTING STORM SEWERS
<br />AND STORM WATER DRAINAGE FACILITIES, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 97-43 passed on May 14, 1997, notes in
<br />anticipation of bonds in the amount of $200,000 were issued as a part of a consolida.ted issue of
<br />$400,000 Various Pwpose Improvement Notes, Series 1997, dated July 1, 1997, which notes were
<br />retired at maturity with funds available to the City and the proceeds of $202,000 notes (the
<br />Outstanding Notes) issued pursuant to Ordinance No. 98-44 passed on May 19, 1998, as amended
<br />by Ordinance No. 98-68 passed on June 10, 1998, as a part of a consolidated issue of $716,000
<br />Various Purpose Improvement Notes, First Series, which Outstanding Notes are to mature on
<br />October 1, 1998; and
<br />WHEREAS, this Council fmds 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 this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvement described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is forty
<br />years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the Bonds, is July 1, 2017;
<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 $202,000 (the Bonds) for the purpose of constructing and reconstructing storm sewers
<br />and storm water drainage facilities.
<br />Section 2. The Bonds shall be dated approximately June 1, 1999, shall bear interest at
<br />the now estimated rate of 5'/Z% per yeaz, 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 $202,000 (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
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