98-047 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 98-47 BY: CDIJNCILMAN THOMAS 0'GRADY AN ORDINAI+FCE PROVIDING FOR THE ISSUANCE AND SALE OF ATOTES IN MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $454,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPO5E OF IMPROVING THE CITY'S SANITARY SEWERAGE SYSTEM BY CONSTRUCTING SANITARY SEWERS, FORCE MAINS AND PUMPING FACILITIES AIYD BY CONSTRUCTING AND RECUNSTRUCTING STORM SEWERS AND OTIiER STORM WATER DRAINAGE FACILITIES AND IMPROVEMENTS TO CONTROL AND LIMIT THE VOLUME OF STORM WATER ENTERING OR OTHERWISE AFFECTING THE SANITARY SEWERAGE SYSTEM, IN EACFI CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, the Director of Finance, as fiscal officer of this City; has certified to tt3is Gouncil that the estimated life or period of usefulness of the improvement describcd in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section I is forty years, and the maxunum 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, Otzio, that: Section 1. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $454,000 (the Bonds) for the purpose of improving the City's sanitary sewerage system by constnicting sanitary sewers, force mams and pumping facilities and by construeting and reconshucting storm sewers and other storm water drainage facilities and improvements to contral and iimit the volume of starm water entering or otherwise affecting the sanitary sewerage system, in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately June 1, 1999, shall bear interest at the now estimated rate of 5%s% per year, payable semiannually until the principal amount is paid, and arc estimated to mature in twenty annual principal installments that are substantially equat. The first principal installment is estimated to be payable on December l, 2000. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate prisicipal amount of $454,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mahzre 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, estabiish 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 nat to exceed 5'/z% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturiry and until the principal amount is paid or payment is provided for. Subject to the timitations set fortti herein, ttze aggregate principal amount of the Notes issued and the rate of interest on the Notes shail be determined by the Director of Finance in the certificate awazding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award).