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<br />therefor, as a part of a consolidated issue of $13,920,000 Various Purpose Improvement Notes,
<br />Series 1994C, dated June 22, 1994; and
<br />WHEREAS, pursuant to Ordinance No. 94-107, passed on July 7, 1994, notes in
<br />anticipation of bonds in the amount of $400,000 (the 1994D Notes) were issued for the purpose
<br />of improving the Recreation Center Complex by surfacing and resurfacing parking areas and
<br />driveways, providing related drainage improvements and constructing a building to house
<br />maintenance equipment therefor, as a part of a consolidated issue of $3,360,000 Various Purpose
<br />Improvement Notes, Series 1994D, dated August 19, 1994; and
<br />WHEREAS, the 1994C Notes and the 1994D Notes were retired at maturity with the
<br />proceeds of $700,000 notes (the 1995B Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 95-74, passed on June 6, 1995, as amended by Ordinance No. 95-89, passed on
<br />June 6, 1995, as part of a consolidated issue of $35,310,000 Various Purpose Improvement
<br />Notes, Series 1995, dated June 22, 1995, which 1995B Notes are to mature on June 20, 1996;
<br />and
<br />WHEREAS, this Council finds and determines that the City should retire the 1995A
<br />Notes and the 1995B Notes (collectively, the Outstanding Notes) with the proceeds of the Notes
<br />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 improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is ten years, and the maximum maturity of the Notes described in Section
<br />3, to be issued in anticipation of the Bonds, is June 24, 2008;
<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 $945,000 (the Bonds) for the purpose of improving the City's park and recreational
<br />facilities by acquiring and installing heating, ventilating and air conditioning equipment for the
<br />Community Cabin and improving the Recreation Center Complex by surfacing and resurfacing
<br />parking areas and driveways, providing curbs, related drainage improvements, landscaping and
<br />lighting therefor, reconstructing and paving with concrete the existing walkway from Lorain
<br />Road to the Complex and constructing a building to house maintenance equipment therefor on
<br />its site, all together with the necessary appurtenances and 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% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in ten 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 $945,000 (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 />a 360-day per year basis), payable at maturity and until the principal amount is paid or payment
<br />is provided for. If requested by the original purchaser, the Notes may provide that, in the event
<br />D03:[00523.DOCS.NOR05225]NOTE ORD PARK REC $945.
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