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<br />WHEREAS, pursuant to Ordinance No. 93-60, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $55,000 were issued for the purpose of renovating,
<br />rehabilitating and otherwise improving Town Hall, together with the necessary appurtenances
<br />thereto, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B,
<br />dated June 24, 1993, which notes were retired at maturity with the proceeds of $55,000 notes
<br />issued in anticipation of bonds pursuant to Ordinance No. 94-53, passed on March l, 1994, as
<br />a part of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B, dated March
<br />23, 1994, which notes were retired at maturity with the proceeds of $55,000 notes issued in
<br />anticipation of bonds pursuant to Ordinance No. 94-140, passed on September 20, 1994, as a
<br />part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E,
<br />dated October 18, 1994, which notes were retired at maturity with the proceeds of $55,000 notes
<br />(the 1995C Notes) issued in anticipation of bonds pursuant to Ordinance No. 95-83, passed on
<br />June 6, 1995, as amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a
<br />consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated June
<br />22, 1995, which 1995C Notes are to mature on June 20, 1996; and
<br />WHEREAS, pursuant to Ordinance No. 93-124, passed on October 19, 1993, notes
<br />in the amount of $50,000 were issued in anticipation of bonds for the purpose of improving City
<br />Hall by converting an existing storage area into a conference room and offices and acquiring
<br />furnishings and equipment therefor, together with the necessary appurtenances thereto, as a part
<br />of a consolidated issue of $545,000 Various Purpose Notes, Series 1993C, dated November 23,
<br />1993, which notes were retired at maturity with the proceeds of $50,000 notes issued in
<br />anticipation of bonds pursuant to Ordinance No. 94-141, passed on September 20, 1994, as a
<br />part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E,
<br />dated October 18, 1994, which notes were retired at maturity with the proceeds of $50,000 notes
<br />(the 1995D Notes) issued in anticipation of bonds pursuant to Ordinance No. 95-84, passed on
<br />June 6, 1995, as amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a
<br />consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated 7une
<br />22, 1995, which 1995D Notes are to mature on June 20, 1996; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1995A
<br />Notes, the 1995B Notes, the 1995C Notes and the 1995D Notes (collectively, the Outstanding
<br />Notes) with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of each class of the improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is fifteen years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is June 24, 2013;
<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 City in the aggregate principal
<br />amount of $355,000 (the Bonds) for the purpose of improving the City Administration Complex
<br />by renovating, remodeling, rehabilitating and otherwise unproving the Town Hall, remodeling,
<br />furnishing and equipping the City Hall, improving the electrical system serving the Complex and
<br />installing a back-up electrical system for the City's computer, telephone and emergency lighting
<br />systems and constructing a canopy to cover the fuel pump island on the site thereof, together
<br />with the necessary appurtenances and work incidental thereto.
<br />D03: [00523.DOCS.NOR05225]NOTE_ORD_CITY_ADMIN_COMP_$355.
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