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• • ? • t < ? 1 CITY OF NORTH OLMSTED ORDINANCE N0. 90- 60 BY: RnNAT,n TAT.T,ON e? ? f AN ORDINANCE PROVIDING FOR THE ISSUANCE E1ND SALE OF A $100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING AND INSTALLING STORM SEWERS, STORM WATER RETENTION BASINS, STORM WATER DRAINAGE CONTROL EQUIPMENT AND CATCH BASINS, TOGETIiER WITH THE NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-31, passed April 19, 1989, notes i.n anticipation of bonds in the amount of $145,000, dated June 6, 1989 (the 1989 Notes), were issued for the purpose stated in Section 1, to mature on June 6, 1990; and WHEREAS, this Council finds and determines that the City should retire ttie 1989 Notes with the proceeds of the Note described in Section 3 and other funds available to the City; and WfiEREAS, the Director of Finance as fiscal o€ficer 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 twenty years, and the maximum maturity of the Note described in Section 3, to be issued in aiiticipation of the Bonds, is June 6, 2009; 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 the aggregate principal amount of $100,000 (the Bonds) to pay costs of improving the municipal sewerage system by acquiring, constructing and installing storm sewers, storm water retention basins, storm water drainage control equipment and catch basins, together with the necessary appurtenances thereto. Secti.on 2. The Bonds shall be dated approxi.mately March 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that a note in the principal amount of $100,000 (the Note) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the 1989 Notes. The Note shall bear interest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or