92-117 Ordinance - Laserfiche WebLink

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_ ?..?..,?.?.I ?. .. 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 and the maximum maturity of the Bonds described in Section 1 is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is neces maximum aggregate principal amount providing funds to pay costs of Civil Action Number C82-3089 in Northern District of Ohio, Eastern related thereto. sary to issue bonds of this City in the of $206,000 (the Bonds) for the purpose of the judgment rendered against the City in the United States District Court for the Division, and losses, damages and expenses The Director of Finance shall determine the aggregate principal amount of the Bonds not to exceed $206,000 in the certificate providing for the award of the Bonds and signed by the Director of Finance in accordance with Section 7 of this ordinance (the Certificate of Award). Section 2. The Bonds shall be issued in one lot and only as fully registered bonds, in Authorized Denominations. "Authorized Denominations" means (i) with respect to the Bonds, denominations of $1,000 or any integral multiple thereof, but in no case as to a particular maturity date exceeding the principal amount maturing on that date, and (ii) with respect to the Consolidated Bonds (as defined in Section 7), denominations of $5,000 or any integral multiple thereof, but in no case as to a particular maturity date exceeding the principal amount of Consolidated Bonds maturing on that date. "Minimum Authorized Denomination" means $1,000 with respect to the Bonds and $5,000 with respect to the Consolidated Bonds. The Bonds shall be dated as of October 15, 1992 unless otherwise specified by the Director of Finance in the Certificate of Award. The Bonds shall bear interest at the rate or rates (computed on a 360-day per year basis) not exceeding 8% per year for any stated maturity, as specified in the Certificate of Award; provided that the Bonds of any one maturity shall all bear the same rate of interest. Interest on the Bonds shall be payable on June 15 and December 15 of each year (the Interest Payment Dates), commencing June 15, 1993, until the principal amount has been paid or provided for. The Bonds 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 Bonds shall mature or be payable pursuant to mandatory sinking fund redemption requirements on December 15 of each of the following years (the Principal Payment Dates) in the following principal amounts: - 2 -