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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO . 8 2- 3 7
<br />BY:
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF IMPROV ING THE RECREATIONAL FACILITIES OF THE
<br />CITY BY CONSTRUCTING A BUILDING HOUSING AN ICE SKATING
<br />RINK, SWIMMING POOL, TENNIS COURTS AND APPURTENANT FACIL-
<br />ITIES, CONSTRUCTING A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING
<br />AND IMPROVING THE SITE THEREFOR, AND PROVIDING FURNISHINGS
<br />AND EQUIPMENT FOR SUCH RECREATION CENTER AND GROUNDS, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursua.nt to Ordinance No. 74-51 passed May 21, 1974, notes
<br />in anticipation of the issuance of bonds in the amount of $3,000,000 dated
<br />June 12, 1974 were issued and pursuant to Ordinance No. 74-146 passed October
<br />31, 1974 notes in anticipation of the issuance of bonds in the amount of
<br />$362,218 dated December 4, 1974 were issued, all for the purpose hereinafter
<br />stated, which notes were retired at maturity with the proceeds of $3,362,218
<br />notes dated June 12, 1975, issued in anticipation of the issuance of bonds
<br />pursuant to Ordinance No. 75-89 passed May 6, 1975, which notes were retired
<br />at maturity with the proceeds of $3,440,000 notes dated June 11, 1976, issued
<br />in anticipation of the issuance of bonds pursuant to Ordinance No. 76-84
<br />passed June l, 1976 to provide funds to retire such outstanding notes and to
<br />provide additional funds for the purpose hereinafter stated, which notes were
<br />retired at maturity with the proceeds of $3,463,000 notes dated June 10, 1977,
<br />issued in anticipation of the issuance of bonds pursuant to Ordinance No.
<br />77-69 passed May 17, 1977 to provide funds to retire such outstanding notes
<br />and a$21,000 note dated October 12, 1976 issued in anticipation of the issu-
<br />ance of bonds pursuant to Ordinance No. 76-137 passed September 21, 1976 for
<br />the purpose hereinafter stated, and to provide additional funds for the pur-
<br />pose hereinafter stated, which notes were retired at maturity with the pro-
<br />ceeds of $3,463,000 notes dated June 9, 1978, issued in anticipation of the
<br />issuance of bonds pursuant to Ordinance No. 78-48 passed May 16, 1978, which
<br />notes were retired at maturity with the proceeds of $3,463,000 notes dated
<br />June 8, 1979, issued in anticipation of the issuance of bonds pursuant to
<br />Ordinance No. 79-59 passed May 15, 1979, which notes were retired at maturity
<br />with funds available to the City and the proceeds of $3,355,000 notes dated
<br />June 6, 1980, issued in anticipation of the issuance of bonds pursuant to
<br />Ordinance No. 80-58, passed May 6, 1980, which notes were also retired at
<br />maturity with funds available to the City and the proceeds of $3,240,000 notes
<br />dated June 5, 1981, issued in anticipation of the issuance of bonds pursuant
<br />to Ordinance No. 81-55, passed May 5, 1981, which notes are to mature on June
<br />3, 1982; and
<br />WHEREAS, this Council hereby finds and determines it to be in the
<br />best interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes herein authorized and other funds available to the City;
<br />and
<br />WHEREAS, the Director of Finance as fiscal officer has certified to
<br />this Council that the estimated life of the property and improvements herein-
<br />after described is at least five years and has further certified that the
<br />maximum maturity of the bonds hereinafter referred to is thirty-two years.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio, that:
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