Ordinance 2014-93 - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2014-93 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $385,000 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, pursuant to Ordinance No. 2013 -108 passed December 17, 2013, a note in anticipation of bonds in the amount of $425,000 (the Outstanding Note) was issued for the purpose stated in Section 1, as part of a consolidated issue of $2,575,000 Capital Improvement Notes, Series 2014, dated February 5, 2014, which Outstanding Note is to mature on February 4, 2015; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Note with the proceeds of the Notes described in Section 3 and other funds available to the City; and 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 February 5, 2034; 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 $385,000 (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, 2016, shall bear interest at the now estimated rate of 3% 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, 2016, and the first interest installment on the Bonds is estimated to be payable on June 1, 2016. Section 3. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $385,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Note. 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 Storm Water Drainage System lmprovements2014