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. .? . <br />??. <br />w.? <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92- 8 <br />BY: DAVID LIND <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF <br />$1,200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF <br />BONDS, FOR THE PUREOSE 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 />WHEREAS, pursuant to Ordinance No. 91-74, passed May 21, 1991, notes <br />in anticipation of bonds in the amount of $1,200,000, dated May 30, 1991 (the <br />1991 Notes), were issued for the purpose stated in Section 1, to mature on <br />February 27, 1992; and <br />WHEREAS, this Council finds and determines that the City should <br />retire the 1991 Notes with the proceeds of the Notes described in Section 3; <br />and <br />WHEREAS, the 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 improvements described in Section 1 is at least five years, the estimat.ed <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, Ohio, that: <br />Section 1. It is necessary to issue bonds of this CiY.y in the <br />aggregate principal amount of $1,200,000 (the Bonds) for the purpose of <br />improving the municipal sanitary sewer system by rehabilitating and replacing <br />sanitary sewers and sanitary sewer connections, together witli the necessary <br />appurtenances and work incidental thereto. <br />Section 2. The Bonds shall be dated approximately September 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 annual principal installments that are substantially eyual. <br />Section 3. It is necessary to issue and this Council determines that <br />notes in the aggregate principal amount of $1,200,000 (the Notes) shall be <br />issued in anticipation of the issuance of the Bonds and to retire the 1991 <br />Notes. The Notes shall bear interest at a rate or rates not to exceed 7% per <br />year (computed on a 360-day per year basis), payable at maturity or at any <br />date of earlier prepayment as provided for in Section 4 of this ordinance and