98-056 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 98-56 BY: COUNCILMAN THOMAS 0'GRADY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $312,000, IN ANTICIPATION OF THE ISSUANCE OF BUNDS, FOR THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL FACILITIES BY REMODELING, RENOVATING, REHABILITATING AND OTHERWISE IMPROVING THE RECREATION CENTER WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $312,000 (the Bonds) for the purpose of improving the City's park and recreational facilities by remodeling, renovating, rehabilitating and otherwise improving the Recreation Center. Section 2. The Bonds shall be dated approximately June l, 1999, shall bear interest at the now estimated rate of 5%z% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. The first principal instaliment is estimated to be payable on December 1, 2000. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $312,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be da.ted the date of their issuance, and shall mature one year from the date of issuance; provided that the Director of Finance may, if she deternunes 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 da.te of issuance. The Notes shall bear interest at a rate not to exceed 5'/2% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid 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 sha11 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). Section 4. The debt charges on the Notes sha11 be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio. Section 5. The Notes sha11 be signed by the Mayor and Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile. Subject to the provisions of Section 6 of this ordinance, the Notes sha11 be issued in the denominations and numbers as requested by the Original Purchaser (as defined in Section 6) and approved by the Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes may be issued as fully registered secunties (for which the Director of Finance will serve as note registrar) and in book entry or other uncertificated form in accordance