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<br />CITY OF NORTIi OLMSTED
<br />ORDINANCE N0. 92-91_
<br />By: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR TFTE ISSUANCE AND SALE OF
<br />$1,250,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF RENOVATING, RFMODELING, RE-
<br />fiABILITATING, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING THE MUNICT.PAL RECREATION CENTER AND
<br />IMPROVING AND EQUIPPING ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pur.suant to Ordinance No. 90-36, passed April 17, 1990,
<br />notes in anti.cipation of bonds in the amount of $1,300,000, dated June 5, 1990
<br />were issued for ttte purpose stated in Section 1, and pursiiant t.o Ordinance No.
<br />90-81, passed July 9, 1990, notes in anticipation of bonds in the amount of
<br />$200,000 wer.e issued for the purpose stated in Section 1; which issues of
<br />notes wer.•e retired at matur.i.ty with the pr.oceeds of $1,500,000 notes datect
<br />Marcti 5, 1991, issued in ant.icipation of bonds for the pu.rpose stated in
<br />Sect.ion i, pursuant to Ordinance No. 91-19, passed February 6, 1991; which
<br />notes were retired at maturity with funds available to the City and proceeds
<br />of $1,400,000 notes dated December 4, 1991, issued in anticipation of bonds
<br />for ttie purpose stated in Section 1, pursuatit to Ordinance No. 91-162, passed
<br />November 6, 1991 (the 1991 Notes), which 1991 Notes are to matur.e on Sept.ember
<br />4, 1992; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire ttie 1991 Notes with tYie proceeds of the Notes described in Section 3
<br />and other funds available to the City; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to th.is Council that the estimated life or period of usefulness of
<br />each c:lass of the improvement.s described in Section 1 is at J.east five years,
<br />the estimated maximiim maturity of the Bonds described in Section 1 is at ].east
<br />ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of tYie Bonds, is June 5, 2005;
<br />NOW, THEREFORE, BE IT ORnAINED by tYie Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds vf this City in the aggre-
<br />gat:e principal amount of $1,250,000 (the Bonds) to pay costs of renovating,
<br />remodeling, rehabilitating, furnishing, equipping and otherwise improving the
<br />municipal recreation center and improving and equipping its site.
<br />Section 2. The Bonds shall be dated approximately December 1, 1992,
<br />shall bear interest at ttie now esti.mated rate of 8% per year, payab:te semi-
<br />annually until the principal amount is paid, and are estimated to mattire in
<br />seven annual principal insta.l.lments that are substantially equal. The first
<br />principal installment is estimated to be December 1, 1993.
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