2016-109 Ordinance - Laserfiche WebLink

Home Browse Search

Series 2017G CITY OF NORTH OLMSTED ORDINANCE NO. 2016-109 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,450,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING BARTON ROAD AND CERTAIN OTHER DESIGNATED STREETS BETWEEN CERTAIN TERMINI IN THE CITY BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND RECONSTRUCTING CATCH BASINS, CURBS AND CURB RAMPS, MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2016-1 passed by this Council on February 16, 2016 and a certificate of award dated March 22, 2016, notes in anticipation of bonds in the aggregate amount of $1,605,000 dated April 5, 2016 (the Outstanding Notes), were issued to provide funds to pay costs of the improvements described in Section 2, which Outstanding Notes are to mature on February 8, 2017; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with proceeds of the Bonds described in Section 2 and other funds available to the City; and WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section 2 is at least ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to a principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof.