92-159 Ordinance - Laserfiche WebLink

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. .,?,.? - 2 - 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 improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Sect.ion 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in antici- pation of the Bonds, is October 30, 2010; 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 aggre- gate principal amount of $4,975,000 (the Bonds) for the purpose of improving the municipal sanitary sewer system by constructing, reconstructing, rehabili- tating and replacing sanitary sewers and sanitary sewer connections and by improving and equipping the wastewater treatment plant, together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately December 1, 1994, 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. The first principal installment is estimated to be December 1, 1995. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $4,975,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire tlie out- standing 1992-A Notes, 1992-B Notes and 1992-C Notes. The Notes shall bear interest at a rate not to exceed 7% per year (computed on a 360-day per year basis), payable on June 15 and December 15 of each year (the Interest Payment Dates) commencing June 15, 1993, until the principal amount is paid or payment is provided for. The Notes shall all bear the same rate of interest. The Notes shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date. The rate of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 8 of this ordinance (the Certificate of Award). The Notes shall be dated as of the date of issuance and shall mature on December 15, 1994. Section 4. National City Bank, Cleveland, Ohio, is appointed to act as the authenticating agent, note registrar, transfer agent and paying agent for the Notes (the Note Registrar). The Mayor and the Director of Finance shall sign and deliver, in the name and on behalf of the City, the Note Registrar Agreement between the City and the Note Registrar (the Registrar Agreement) in substantially the form as is now on file with the Clerk of Council. The Registrar Agreement is approved, together with any changes or amendments that are not inconsistent with this ordinance and not substantially adverse to the City and that are approved by the Mayor and the Director of Finance on behalf of the City, all of which shall be conclusively evidenced by the signing of the Registrar Agreement or amendments to the Registrar Agreement. The Director of Finance shall provide for the payment of tYie services rendered anci for reimbux-sement of expenses incurred pursuant to the Registrar Agreement from the proceeds of the Notes to the extent available and then from other money lawfully available and appropriated or to be appropriated for that purpose.