98-044 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 98-44 BY: COUNCILMAN 'I[iOMAS 0' GRADY ??.;. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $202,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CON- STRUCTING AND RECONSTRUCTING STORM SEWERS AND STORM WATER DRAINAGE FACILITIES, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 97-43 passed on May 14, 1997, notes in anticipation of bonds in the amount of $200,000 (the Outstanding Notes) were issued as a part of a consolida.ted issue of $400,000 Various Purpose Improvement Notes, Series 1997, dated July 1, 1997, which Outstanding Notes are to mature on July 1, 1998; and WHEREAS, this Council fmds and determines that the City should issue the Notes described in Section 3 to provide the amount necessary, together with other funds available to the City, to retire the Outstanding Notes and provide up to an additional $2,000 to pay financing costs in connection with the Notes; and 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 the improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is forty years, and the maximum maturity of the Notes descnbed in Section 3, to be issued in anticipation of the Bonds, is July 1, 2017; 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 $202,000 (the Bonds) for the purpose of constructing and reconstructing storm sewers and storm water drainage facilities. Section 2. The Bonds sha11 be dated approximately June 1, 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 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 $202,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The Notes shall 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 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