2013-108 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED Noir ORDINANCE NO. 2013— 108 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $425,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE CITY'S STORM WATER DRAINAGE SYSTEM BY REPLACING A CULVERT IN WINDSOR DRIVE, TOGETHER WITH 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 improvement 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 two hundred forty months; 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 an aggregate principal amount not to exceed $425,000 (the Bonds) to provide funds to pay costs of improving the City's storm water drainage system by replacing a culvert in Windsor Drive, together with work incidental thereto. Section 2. The Bonds shall be dated approximately January 1, 2015, shall bear interest at the now estimated rate of 4% 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 of the Bonds is estimated to be payable on December 1, 2015, and the first interest installment on the Bonds is estimated to be payable on June 1, 2015. Section 3. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $425,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to thirty days earlier than one year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 3% per year (computed on the basis of a 360-day year consisting of twelve 30-day months),payable at maturity and until the principal amount is paid or payment is provided for. Subject to the limitations set forth in this Section and Section 1, the aggregate principal amount of the Notes to be issued, being the amount determined by the Director of Finance to be necessary for the purpose described in Section 1, and the rate of interest the Notes shall bear, shall be established and specified by the Director of Finance in the Certificate of Award. Storm Water Drainage System Improvements 2014