|
1
<br />CITY OF NURTH OLMSTED
<br />ORDINANCE N0. 92-97_
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A
<br />$100,000 NOTE, IN ANTICIPATlON OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING THE CITY'S STREET
<br />SYSTEM BY ACQUIRING AND IPISTALLING SIGNALS, SIGNS AND
<br />OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE
<br />FJ.,OW OF VEHICULAR AND PEDESTRIAN TRAFFIC, AND
<br />DECLARING AN F.MERGENCY.
<br />WfIF:REAS, pursuant to O.rdinance No. 89-53, passed July 6, 1989, notes
<br />in antici.pation o£ bonds in the amount of $180,000, dat.ed Attgust 10, 1989,
<br />were issued for the purpose stated in Section 1; which notes were retired at.
<br />mat.urity with funds available to the City and the proceeds of a$100,000 note
<br />dat.ed June 5, 1990, issued in anticipation of bonds pursua.nt to Ordinance No.
<br />90-61, passed May 15, 1990; which note was retired at mattxrity with the
<br />proceeds of a$100,000 note dated March 5, 1991, issued in anticipation of
<br />bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-24,
<br />passed February 6, 1991; which note was ret.ired at maturity with the pror.eeds
<br />of a$100,000 note dated December 4, 1991, issued in anticipation of bonds for
<br />the purpose stated in Section 1, purslzant to Ordinance No. 91-167, passed
<br />November 6, 1991 (the 1991 Note), which 1991 Note i.s to mature on September 4,
<br />1992; and
<br />WHEREAS, this Council fi.nds and determines that the City shou.ld
<br />retire tlie 1991 Note witli the proceeds of the Note described in Section 3; and
<br />WHEREAS, tlie Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at least five years, the estimated
<br />maximum maturity of the Bonds described in Section 1 is ten years, and the
<br />maximum maturity of the Not.e described in Section 3, to be issued in
<br />anticipation of the Bonds, is August 10, 2004;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of ttie City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of thi.s City in the
<br />aggregate principal amount of $100,000 (the Bonds) to pay costs of improving
<br />the City's street system by acquiring and installing signals, signs and ot:her
<br />equipment and devices to direct and control the flow of vehicular and
<br />pedestrian traffic.
<br />Section 2. The Bonds shall be dated approximately December 1, 1992,
<br />stiall bear interest at the now estimated rate of 8% per year, payable semi-
<br />annually until the p.rincipal amount is paid, and are estimated to mature in
<br />ten annual principal installments that are siibstantially equal. The first
<br />principal installment is estimated to be December 1, 1993.
|