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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 13
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF NOT TO EXCEED $1,330,000 OF NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF RENOVATING, REHABILITATING, REMODELING,
<br />ADDING TO, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING BUILDINGS AND FACILITIES IN THE CITY'S
<br />MUNICIPAL COMPLEX, TOGETHER WITH NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO; AND
<br />DECLARING AN EMERGENCY
<br />WHEREAS, pursuant to Ordinance No. 2019-5 passed by this Council on February 5, 2019,
<br />a note in anticipation of bonds in the amount of $1,460,000 (the Outstanding Note) was issued for
<br />the purpose stated in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement
<br />and Equipment Notes, Series 2019, dated April 9, 2019, which Outstanding Note is to mature on
<br />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 improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />fifteen years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is April 9, 2039;
<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 $1,330,000 (the Bonds) to provide funds to pay costs of renovating, rehabilitating,
<br />remodeling, adding to, furnishing, equipping and otherwise improving buildings and facilities in the
<br />City's municipal complex, together with necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately March 1, 2021, shall bear interest at the
<br />now estimated rate of 4-1/2% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in fifteen 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 C — Municipal Complex Improvements 2019
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