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, . ,..:
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-81
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $670,000 NOTES, IN ANTICIPATION OF
<br />THE ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />IMPROVING THE CITY'S STORM WATER DRAINAGE
<br />SYSTEM BY CONSTRUCTING, RECONSTRUCTING
<br />AND OTHERWISE IMPROVING STORM SEWERS,
<br />CULVERTS, RETENTION BASINS AND OTHER STORM
<br />WATER DRAINAGE FACILITIES, TOGETHER WITH
<br />THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 95-66, passed on May 16, 1995, as amended
<br />by Ordinance No. 95-89, passed on June 6, 1995, notes in anticipation of bonds in the amount
<br />of $670,000 (the Outstanding Notes) were issued for the purpose described in Section 1, as part
<br />of a consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated
<br />June 22, 1995, which Outstanding Notes are to mature June 20, 1996; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding 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 the improvements described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is forty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 22, 2015;
<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 $670,000 (the Bonds) for the purpose of improving the City's storm water drainage
<br />system by constructing, reconstructing and otherwise improving storm sewers, culverts, retention
<br />basins and other storm water drainage facilities, together with the necessary appurtenances and
<br />work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear
<br />interest at the now estimated rate of 6-3/4% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in twenty annual principal installments that are
<br />in such amounts that the total of principal and interest payments on the Bonds in any fiscal year
<br />in which principal is payable is substantially equal to the total of such payments in each other
<br />such fiscal year. The first principal installment is estimated to be payable on December 1, 1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $670,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year (computed on
<br />D03: [00523.DOCS.NOR05225]NOTE_ORD_STORM_SWRII_$670.
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