|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2014-92
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $2,050,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF RENOVATING,
<br />REMODELING, REHABILITATING, FURNISHING,
<br />EQUIPPING AND OTHERWISE IMPROVING BUILDINGS
<br />AND FACILITIES IN THE CITY'S RECREATION CENTER
<br />COMPLEX AND IMPROVING AND EQUIPPING THEIR
<br />SITE, TOGETHER WITH ALL NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO
<br />WHEREAS, pursuant to Ordinance No. 2013 -107 passed December 17, 2013, a note in
<br />anticipation of bonds in the amount of $2,150,000 (the Outstanding Note) was issued for the
<br />purpose stated in Section 1, as part of a consolidated issue of $2,575,000 Capital Improvement
<br />Notes, Series 2014, dated February 5, 2014, which Outstanding Note is to mature on February 4,
<br />2015; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of each class of the improvements described
<br />in 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 3, to
<br />be issued in anticipation of the Bonds, is February 5, 2034;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to
<br />exceed $2,050,000 (the Bonds) to provide funds to pay costs of renovating, remodeling,
<br />rehabilitating, furnishing, equipping and otherwise improving buildings and facilities in the
<br />City's Recreation Center complex and improving and equipping their site, together with all
<br />necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately January 1, 2016, shall bear interest at
<br />the now estimated rate of 3% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in ten annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2016, and the first
<br />interest installment on the Bonds is estimated to be payable on June 1, 2016.
<br />2014 Recreation Center Complex Improvements
<br />
|