2020-131 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE NO. 2020 - 131 BY: Mayor Kennedy Series E — Fire Department Apparatus Bonds AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,035,000 TO PROVIDE FUNDS TO PAY COSTS OF ACQUIRING FIRE APPARATUS CONSISTING OF AN AERIAL PLATFORM TRUCK AND APPURTENANT EQUIPMENT FOR USE BY THE CITY'S FIRE DEPARTMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2019-7 passed by this Council on February 5, 2019, a note in anticipation of bonds in the amount of $1,305,000 was issued for the purpose stated in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement and Equipment Notes, Series 2019, dated April 9, 2019, which note was retired at maturity with funds available to the City and proceeds of a $1,170,000 note (the Outstanding Note), issued in anticipation of bonds pursuant to Ordinance No. 2020-12 passed by this Council on February 4, 2020, as part of a consolidated issue of $6,095,000 Capital Improvement and Equipment Notes, Series 2020B, dated April 8, 2020, which Outstanding Note is to mature on April 8, 2021; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Note with proceeds of the Bonds described in Section 2 and other funds available to the City; and WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the apparatus described in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section 2 is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to a principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof.