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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 10
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $125,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE
<br />FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING
<br />TELECOMMUNICATIONS SYSTEM EQUIPMENT AND
<br />NETWORK FIBER, TOGETHER WITH NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO,
<br />FOR USE IN CARRYING OUT CITY SERVICES AND
<br />FUNCTIONS; AND DECLARING AN EMERGENCY
<br />WHEREAS, pursuant to Ordinance No. 2018-11 passed by this Council on February 20,
<br />2018, a note in anticipation of bonds in the amount of $261,500 was issued for the purpose stated in
<br />Section 1, as part of a consolidated issue of $1,990,000 Capital Improvement and Equipment Notes,
<br />Series 2018, dated April 24, 2018, which note was retired at maturity with funds available to the
<br />City and proceeds of a $165,000 note (the Outstanding Note), issued in anticipation of bonds
<br />pursuant to Ordinance No. 2019-2 passed by this Council on February 5, 2019, as part of a
<br />consolidated issue of $6,775,000 Capital Improvement and Equipment Notes, Series 2019, dated
<br />April 9, 2019, which Outstanding Note is to mature on April 9, 2020; 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 the equipment described in Section 1 is at
<br />least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least ten
<br />years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of
<br />the Bonds, is at least April 24, 2033;
<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 $125,000 (the Bonds) to provide funds to pay costs of acquiring and installing
<br />telecommunications system equipment and network fiber, together with necessary appurtenances
<br />and work incidental thereto, for use in carrying out City services and functions.
<br />Section 2. The Bonds shall be dated approximately March 1, 2021, shall bear interest at the
<br />now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are
<br />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, 2021, and the first
<br />interest installment on the Bonds is estimated to be payable on June 1, 2021.
<br />Series B - Telecommunications System Equipment 2018
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