|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 130
<br />BY: Mayor Kennedy
<br />Series A - Street Improvement Bonds
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,405,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING ALDEN DRIVE AND
<br />CERTAIN OTHER DESIGNATED STREETS BETWEEN CERTAIN TERMINI
<br />IN THE CITY BY RECONSTRUCTING AND REHABILITATING THE
<br />PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND
<br />RECONSTRUCTING CATCH BASINS, CURBS AND CURB RAMPS,
<br />MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE
<br />NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH
<br />CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO; 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. 2018-10 passed by this Council on February 20,
<br />2018, a note in anticipation of bonds in the amount of $1,728,500 was issued for the purpose stated
<br />in Section 2, as part of a consolidated issue of $1,990,000 Capital Improvement and Equipment
<br />Notes, Series 2018, dated April 24, 2018, which note was retired at maturity with funds available to
<br />the City and proceeds of a $1,565,000 note, issued in anticipation of bonds pursuant to Ordinance
<br />No. 2019-3 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 $1,405,000 note (the
<br />Outstanding Note), issued in anticipation of bonds pursuant to Ordinance No. 2020-9 passed by this
<br />Council on February 4, 2020, as part of a consolidated issue of $6,095,000 Capital Improvement
<br />and Equipment Notes, Series 2020B, dated April 8, 2020, which Outstanding Note is to mature on
<br />April 8, 2021; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with proceeds of the Bonds described in Section 2 and other funds available to the City; and
<br />WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of each class of the improvements described
<br />in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section
<br />2 is at least ten 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:
<br />
|