98-048 Ordinance - Laserfiche WebLink

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E CITY OF NORTH OLMSTED ORDINANCE NO. 98-48 BY: COUNCILMAN TiOMAS 0'GRADY PI AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL OF $266,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY ADMINISTRATION COMPLEX BY RENOVATING, REMODELING, REHABII.ITATING, FURNISHING, EQUIPPiNG AND OTHERWISE IlVIPROVING THE TOWN HALL INCLUDED THEREiN AND IMPROVIlNG THE SITE THEREOF BY REMOVING AND REPLACING UNDERGROUND STORAGE TANKS AND OTHERWISE MODIFYING FUEL STORAGE FACILITIES AND EQUIPMENT, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WdRK INCIDENTAL THERETO. 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 at least ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen 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 $266,000 (the Bonds) for the purpose of improving the City Administration Complex by renovating, remodeling, rehabilitating, furnishing, equipping and otherwise improving the Town Ha11 included therein and improving the site thereof by removing and replacing underground storage tanks and otherwise modifying fuel storage facilities and equipment, in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately June 1, 1999, shall beaz 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 ten annual principal installments that are substantially equal. The first principal installment 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 $266,040 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes sha11 be dated the date of their issuance, and shall mature one year 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 shall bear interest at a rate not to exceed 51/2% 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