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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-75
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $4,100,000 NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF ACQUIRING SPRINGVALE
<br />COUNTRY CLUB, INCLUDING LAND AND THE
<br />CLUBHOUSE, MAINTENANCE BUILDING AND
<br />OTHER STRUCTURES LOCATED THEREON,
<br />FIXTURES, FURNISHINGS AND EQUIPMENT,
<br />SPRINKLER, UNDERGROUND DRAINAGE AND
<br />WATER DISTRIBUTION SYSTEMS AND RELATED
<br />SITE IMPROVEMENTS, ALL TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO, FOR
<br />USE AS A GOLF COURSE AND RECREATIONAL
<br />AND COMMUNITY CENTER, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-159, passed on February 16, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $4,100,000 were issued for the purpose described in Section 1, as a part of a
<br />consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated
<br />June 22, 1994, which notes were retired at maturity with the proceeds of $4,100,000 notes (the
<br />Outstanding Notes) issued in anticipation of bonds pursuant to Ordinance No. 95-71, 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 Outstanding Notes are to mature on 7une 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 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 twenty-five years, and the maximum maturity of the Notes described
<br />in Section 3, to be issued in anticipation of the Bonds, is June 22, 2014; and
<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 $4,100,000 (the Bonds) for the purpose of acquiring Springvale Country Club,
<br />including land and the clubhouse, maintenance building and other structures located thereon,
<br />fixtures, furnishings and equipment, sprinkler, underground drainage and water distribution
<br />systems and related site improvements, all together with the necessary appurtenances thereto,
<br />for use as a golf course and recreational and community center.
<br />Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear
<br />interest at the now estimated rate of 7% per year, payable semiannually until the principal
<br />D03:[00523.DOCS.NOR05225]NOTE_ORD GOLF_COURSE $4_100.
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