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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 98- 73
<br />BY: COUNCILMAN 0'GRADY
<br />??'
<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 BONDS, FOR THE PURPOSE OF
<br />CONSTRUCTING, F[JRNISHING, EQUIPPING AND
<br />OTHERWISE INiPROVING AN ADDITION TO THE CITY'S
<br />POLICE STATION AND PREPARING AND IMPROVING THE
<br />SITE THEREOF, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 97-42 passed on May 14, 1997, notes in
<br />anticipation of bonds in the amount of $200,000 were issued as a part of a consolidated issue of
<br />$400,000 Various Purpose Improvement Notes, Series 1997, dated July 1, 1997, which notes were
<br />retired at maturity wrth funds available to the City and the proceeds of $202,000 notes (the
<br />Outstanding Notes) issued pursuant to Ordinance No. 9843 passed on May 19, 1998, as amended
<br />by Ordinance No. 98-67 passed on June 10, 1998, as a part of a consolidated issue of $716,000
<br />Various Purpose Improvement Notes, First Series, dated July 1, 1998, which Outstanding Notes are
<br />to mature on October 1, 1998; and
<br />WHEREAS, this 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, this Council has requested the Director of Finance, as fiscal officer of this
<br />City, to certify the estimated life or period of usefulness of each class of the improvements
<br />described in Section 1 and the estimated maximum maturity of the Bonds described in Section 1
<br />and of the Notes described in Section 3, to be issued in anticipation of the Bonds; and
<br />WHEREAS, the Director of Finance has certified to this Council that the estimated life
<br />or period of usefulness of each class of the improvements described in Section 1 is at least five
<br />years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, based
<br />on the weighted average of the amounts allocated to the several classes of improvements set forth in
<br />the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the
<br />maximum maturity of the Notes described in Section 3 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, fizrnishing, equipping and
<br />otherwise improving an addition to the City's police station and preparing and improving the site
<br />thereof.
<br />Section 2. The Bonds sha11 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 1, 2000.
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