96-071 Ordinance - Laserfiche WebLink

Home Browse Search

. . ,. ... I I BY: Councilmember Lind .. . . . . .. . . .... . . .. , . .... .., .... .......,.,. , y . ..., ... ... CITY OF NORTH OLMSTED ORDINANCE NO. 96-71 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $30,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE FLOW OF VEHICULAR AND PEDESTRIAN TRAFFIC, WHERE NECESSARY, TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $30,000 (the Bonds) for the purpose of acquiring and installing signals, signs and other equipment and devices to direct and control the flow of vehicular and pedestrian traffic, where necessary, together with necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1997. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $30,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 7 of this ordinance (the Certificate of Award). The Notes shall be dated the date of issuance and shall mature on December 20, 1996; provided that the Director of Finance may, if he determines it to be necessary or advisable, establish a different maturity date that is on or after November 1, 1996, but before December 20, 1996, by setting forth that maturity date in the Certificate of Award. D03: [00523.DOCS.NOR05225]NOTE_ORD_NM_TRAFFIC_SIG_$30.