98-069 Ordinance - Laserfiche WebLink

Home Browse Search

?;...;. CITY OF NORTH OLMSTED ORDINANCE NO. 98-69 BY: COUNCILMAN THOMAS 0'GRADY AN ORDINANCE AMENDING SECTIONS 3 AND 6 OF ORDINANCE NO. 98-56, AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Section 3 of Ordinance No. 98-56 passed on May 19, 1998, be and is hereby amended to read as follows: It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $312,000 (the Notes) sha11 be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature three months from the date of issuance; provided that the Director of Finance may, if she 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. The Notes sha11 bear interest at a rate not to exceed 5'/z% per year (computed on the basis of a 360-day year consisting of twelve 30- day months), payable at maturity or at any date of earlier prepayment as provided for in this Section and until the principal amount is pasd or payment is provided for. Subject to the limitations set forth herein, the aggregate principal amount of the Notes issued and the rate of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award). If agreed to by the Original Purchaser (as defined in Section 6), the Notes sha11 be prepayable without penalty or premium at the option of the City at any time prior to maturity (the Prepayment Date) as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with National City Bank, Cleveland, Ohio, in rts capacity as paying agent for the Notes (the Paying Agent), of the principal amount of the Notes together with interest accrued thereon to the Prepayment Date. The City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the Prepayment Date and the name and address of the Paymg Agent, by certified or registered mail to the Original Purchaser and to the Paying Agent not less than seven days prior to the Prepayment Date. If money for prepayment is on deposit wrth the Paying Agent on the Prepayment Date following the giving of that notice, interest on the principal amount prepaid sha11 cease to accrue on the Prepayment Date. The Director of Finance may request the Original Purchaser to use its best efforts to arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment, surrender and cancellation. Section 2. Section 6 of Ordinance No. 98-56, adopted May 19, 1998 be and hereby is amended to read as follows: