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CITY OF NORTH OLMSTED ORDINANCE NO. 96-65 BY: Councilmember Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $3,975,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING THE CITY'S SANITARY SEWERAGE SYSTEM AND ITS FUNCTIONS BY CONSTRUCTING AND RECONSTRUCTING SANITARY SEWERS AND PUMPING AND RETENTION FACILITIES AND BY CONSTRUCTING AND RECONSTRUCTING STORM SEWERS AND OTHER STORM WATER DRAINAGE FACILITIES AND IMPROVEMENTS TO CONTROL AND LIMIT THE VOLUME OF STORM WATER ENTERING OR OTHERWISE AFFECTING THE SANITARY SEWERAGE SYSTEM, TOGETHER IN ALL CASES WITH ANY NECESSARY APPURTENANCES AND THE PERFORMANCE OF ANY INCIDENTAL WORK. 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 improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is forty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty 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 $3,975,000 (the Bonds) for the purpose of improving the City's sanitary sewerage system and its functions by constructing and reconstructing sanitary sewers and pumping and retention facilities and by constructing and reconstructing storm sewers and other storm water drainage facilities and improvements to control and limit the voiume of storm water entering or otherwise affecting the sanitary sewerage system, together in all cases with any necessary appurtenances and the performance of any incidental work. Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear interest at the now estimated rate of 6-3/4 % per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty 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 $3,975,000 (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 Ciry does not pay or make provision for payment at maturity of the debt D03:[00523.DOCS.NOR05225]NOTE ORD NM SAN SEW $3.975