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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-127
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $4,200,000 FOR THE PURPOSE OF ACQUIRING
<br />SPRINGVALE COUNTRY CLUB, INCLUDING LAND AND THE
<br />CLUBHOUSE, MAINTENANCE BUILDING AND OTHER
<br />STRUCTURES LOCATED THEREON, FIXTURES, FURNISHINGS
<br />AND EQUIPMENT, SPRINKLER, UNDERGROUND DRAINAGE
<br />AND WATER DISTRIBUTION SYSTEMS AND RELATED SITE
<br />IMPROVEMENTS, ALL TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, FOR USE AS A GOLF COURSE
<br />AND RECREATIONAL AND COMMUNITY CENTER.
<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 2, 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 maturiry with the proceeds of $4,100,000 notes
<br />issued in anticipation of bonds pursuant to Ordinance No. 95-71, passed on June 6, 1995, as
<br />amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a consolidated issue of
<br />$35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995, which
<br />notes were retired at maturity with the proceeds of $4,100,000 notes (the Outstanding Notes)
<br />issued in anticipation of bonds ursuant to Ordinance No. 96-75, passed on May 9, 1996, as a
<br />part of a consolidated issue of ?42,435,000 Various Purpose Improvement Notes, Series 1996,
<br />which Outstanding Notes are to mature on December 19, 1996; and
<br />WHEREAS, this Council finds and determines that the Ciry should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Notes and up to an additional
<br />$100,000 to pay financing costs in connection therewith; 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 2 is at least five years and that the maximum maturity of the Bonds
<br />described in Section 2 is twenty-five years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretations. In addition to the words and terms
<br />elsewhere defined in this ordinance, unless the context or use clearly indicates another or
<br />different meaning or intent:
<br />"Annual Information" means annual financial information and operating data of the
<br />type to be specified in the Continuing Disclosure Certificate in accordance with the Rule.
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds,
<br />if any, the denomination equal to the original principal amount that, when interest is accrued and
<br />compounded thereon on each Interest Accretion Date to the stated maturity of those Bonds, will
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_GOLF COURSE $4_200..
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