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<br />WHEREAS, this Council finds and determines that the City should retire the 1995A
<br />Notes and 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 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 at least twenty years, and the maximum maturity of the Notes described in Section
<br />3, to be issued in anticipation 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 City in the aggregate principal
<br />amount of $12,000,000 (the Bonds) for the purpose of improving the municipal sanitary sewer
<br />system by constructing, reconstructing, rehabilitating and replacing sanitary sewers and sanitary
<br />sewer connections, constructing a retention basin for a sanitary lift station and improving and
<br />equipping the wastewater treatment plant, together with the necessary appurtenances and work
<br />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 in
<br />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 $12,000,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year
<br />(computed on a 360-day per year basis), payable at maturity and until the principal amount is
<br />paid or payment is provided for. If requested by the original purchaser, the Notes may provide
<br />that, in the event the City does not pay or make provision for payment at maturity of the debt
<br />charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or
<br />rates not to exceed 10% per year from the maturity date until the City pays or makes provision
<br />to pay that principal amount. The rate or rates of interest on the Notes shall be determined by
<br />the Director of Finance in the certificate awarding the Notes in accordance with Section 7 of this
<br />ordinance (the Certificate of Award). The Notes shall be dated the date of issuance and shall
<br />mature on December 20, 1996; provided that the Director of Finance may, if he determines it
<br />to be necessary or advisable, establish a different maturity date that is on or after November 1,
<br />1996, but before December 20, 1996, by setting forth that maturity date in the Certificate of
<br />Award.
<br />Section 4. The Notes shall be signed by the Mayor and the Director of Finance, in
<br />the name of the City and in their official capacities, provided that either or both of those
<br />signatures may be a facsimile. The Notes shall be issued only as fully registered notes and in
<br />the numbers and denominations as requested by the Original Purchaser (as defined in Section
<br />7) and approved by the Director of Finance, provided that the entire principal amount may be
<br />represented by a single note. The Notes shall not have coupons attached, shall be numbered as
<br />determined by the Director of Finance and shall express upon their faces the purpose, in
<br />summary terms, for which they are issued and that they are issued pursuant to this ordinance.
<br />D03: [00523.DOCS.NOR05225]NOTE_ORD_SAN_SWR_$12_000.
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