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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92-_q2_
<br />gy; Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THF.. ISSUANCE AND SALE OF
<br />$1,200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF IMPROVING THE MUNICIPAL
<br />SANITARY SEWER SYSTEM BY REHABILITATING AND REPLACING
<br />SANITARY SEWERS AND SANITARY SEWER CONNECTIONS,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN EMERGENCY.
<br />WFIFRFAS, pursuant to Ordinance No. 90-95, passed September 18, 1990,
<br />notes in ant.ici.pation of bonds in the amount of $1,200,000, dated October 30,
<br />1990, were issued £or the piirpose stated in Section 1; which notes were
<br />r.etired at maturity with the proceeds of $1,200,000 notes dated May 30, 1991,
<br />issued in ani:icipati.on of bonds for the purpose stated in Section 1, pursuant
<br />to Ordinance No. 91-74, passed May 21, 1991; which notes were retired at
<br />maturity with the proceeds of $1,200,000 notes dated February 13, 1992, issued
<br />iri anticipativn of bonds for the purpose stated in Section 1, pursuant to
<br />Ordina.nce No. 92-8, passed February 3, 1992 (the 1992 Notes), which 1992 Notes
<br />are to mature on September 4, 1992; and
<br />WHFREAS, this Council fi.nds and determines that the Cit.y should
<br />retire the 1992 Notes with the proceeds of the Notes described in Section 3;
<br />and
<br />WHEREAS, ihe Director of Finance as fiscal officer o£ this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />tlie improvements described in Section 1 is at least five years, the estimated
<br />maximum maturity of the Bonds described in Section 1 is twenty years, and the
<br />maximum maturity of the Notes described in Section 3, to be issued in antici-
<br />pation of the Bonds, is October 30, 2010;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohin, that:
<br />Section 1. It is necessary to issue bonds of tliis City in the
<br />aggregate princi.pal amount of $1,200,000 (ttie Bonds) for the purpose of
<br />improving the municipal sanitary sewer system by rehabilitating and replacing
<br />san.it,ary sewers and sanitaiy sewer connections, together with the necessary
<br />appizrtenances and work incident.al thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1992,
<br />shall bear interest at the now estimated rate of 8% per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />twenty anriual principal installments that are sizbstantially equal. The first
<br />principal installment is estimated to be December 1, 1993.
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