2016-114 Ordinance - Laserfiche WebLink

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Series 2017L CITY OF NORTH OLMSTED ORDINANCE NO. 2016 - 114 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $3,250,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE CITY'S SPRINGVALE GOLF COURSE AND BALLROOM FACILITY BY CONSTRUCTING, EQUIPPING AND OTHERWISE IMPROVING A MAINTENANCE AND STORAGE BUILDING, RENOVATING, REMODELING, ADDING TO, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING THE CLUBHOUSE AND BALLROOM AND CONSTRUCTING, EQUIPPING AND OTHERWISE IMPROVING A PAVILION WITH A PAVED AND LANDSCAPED PATIO AREA, IN EACH CASE TOGETHER WITH ALL NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT. WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer of the City, certify the estimated life or period of usefulness of each class of the improvements described in Section 2 and the maximum maturity of the Bonds described in Section 2; and WHEREAS, the Director of Finance has certified that the estimated life or period of usefulness of each class of those improvements is at least five years and that the maximum maturity of those Bonds is at least twenty years, based on the weighted average of the amounts allocated to the several classes of improvements as set forth in the fiscal officer's certificate, which allocation is confirmed, approved and ratified; 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. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Agreement, the Registrar Agreement and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds.