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Series B — Telecommunication Improvement Bonds
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 129
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $125,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING
<br />TELECOMMUNICATIONS SYSTEM EQUIPMENT AND NETWORK
<br />FIBER, TOGETHER WITH NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO, FOR USE IN CARRYING OUT CITY
<br />SERVICES AND FUNCTIONS; AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING
<br />DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2018-11 passed by this Council on February
<br />20, 2018, a note in anticipation of bonds in the amount of $261,500 was issued for the purpose
<br />stated in Section 1, as part of a consolidated issue of $1,990,000 Capital Improvement and
<br />Equipment Notes, Series 2018, dated April 24, 2018, which note was retired at maturity with funds
<br />available to the City and proceeds of a $165,000 note, issued in anticipation of bonds pursuant to
<br />Ordinance No. 2019-2 passed by this Council on February 5, 2019, as part of a consolidated issue of
<br />$6,775,000 Capital Improvement and Equipment Notes, Series 2019, dated April 9, 2019, which
<br />note was retired at maturity with funds available to the City and proceeds of a $125,000 note (the
<br />Outstanding Note), issued in anticipation of bonds pursuant to Ordinance No. 2020-10 passed by
<br />this Council on February 4, 2020, as part of a consolidated issue of $6,095,000 Capital
<br />Improvement and Equipment Notes, Series 2020B, dated April 8, 2020, which Outstanding Note is
<br />to mature on April 8, 2021; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding Note with proceeds of the Bonds described in Section 2 and other funds available to the
<br />City; and
<br />WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of the equipment described in Section 2 is
<br />at least five years, and that the maximum maturity of the Bonds described in Section 2 is at least ten
<br />years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
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