92-030 Ordinance - Laserfiche WebLink

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CITY OF NORTII OLMSTED ORUINANCE N0. 92-_3Q BY: COUNCILMAN LIND AN ORDlNANCF.. PROVID-fNG FOR THE ISSUANCE AND SAT,F OF $2,000,000 NOTF.S, IN ANTICIPATION OF THE ISSUANCE OF BONDS, I'OR THE PURPOSE OF IMPROV.CNG THE MUNI.C]:PAL SALIITARY SEWER SYSTFM BY REHABILITATING AND REPLACING SANITARY SEWERS AND SAN!'I'ARY SEWFR CUNNECTIONS, TOGE'THER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WiiL:RFAS, the Direc:tor of. Finance as fiscal. of.fir.er of th..is City has ce.rtified to this Council that ttie estimated life or period of useful.ness of the improvements described in Section 1 is at, least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and ttle maximum maturity of i;he Notes described in Section 3, t.o be issued in antici- pation of the Bonds, is twenty year.s; NOW, THERFFORE, BE IT ORDAINED by the Council of the Ci.ty of North Olrnsted, Cuyahoga County, Ohio, that: Sect i.on 1. It is necessary to issiie bonds of t.his Ci ty in the aggregat.e principal amount of $2,000,000 (the Bonds) for ttie purpose of improving the municipal sanitary sewer system by rehabi.:litating and r.eplacing sanitary sewers and sanitary sewer connectivns, together with tlie necessai-y appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately December 1, 1992, shall bear interest at. the now est.imated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mat.ure in twenty annual principal installments that are substant.i.ally eyual. The £irst principal installment is estimated to be December l, 1993. Section 3. It is necessary to issue and this Council determines t.hat notes in the aggregate principal amount of $2,000,000 (the Notes) shall be issued in anticipation of the issuance of ttie Bonds. The Notes sliall bear interest at a rate or rates not to exceed 7% per year (computed on a 360-day per year basis), payable at maY,urity or at any date of earJ.ier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided For. If requested by ttie original purchaser, the Notes may provide that, in the event the City does not pay or make provisi.on for payment at matur.it:y of the debt charges on ttie Notes, the principal amot,int of the Notes sha.l.l bear interest, at a diL-ferent rate or rates not to exceed 10% per year from ttie maturity dai:e until the City pays vr makes provis.ion lo pa.y that pr. inc.ipal amolint. The L at P or ra.Y,es of int.erest on the Notes Sha L l be determined by the Dir.ector of Finance in t.he certificaCe awardi.ng ttie Notes in accordance with Section 6 of tliis ordinance.