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Series C — Municipal Complex Improvement Bonds
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 133
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,330,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF RENOVATING, REHABILITATING,
<br />REMODELING, ADDING TO, FURNISHING, EQUIPPING AND
<br />OTHERWISE IMPROVING BUILDINGS AND FACILITIES IN THE CITY'S
<br />MUNICIPAL COMPLEX, TOGETHER WITH NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO; AUTHORIZING
<br />THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT,
<br />A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE
<br />AGREEMENT, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2019-5 passed by this Council on February 5,
<br />2019, a note in anticipation of bonds in the amount of $1,460,000 was issued for the purpose stated
<br />in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement and Equipment
<br />Notes, Series 2019, dated April 9, 2019, which note was retired at maturity with funds available to
<br />the City and proceeds of a $1,330,000 note (the Outstanding Note), issued in anticipation of bonds
<br />pursuant to Ordinance No. 2020-13 passed by this Council on February 4, 2020, as part of a
<br />consolidated issue of $6,095,000 Capital Improvement and Equipment Notes, Series 2020B, dated
<br />April 8, 2020, which Outstanding Note is 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 each class of the improvements
<br />described in Section 2 is at least five years, and that the maximum maturity of the Bonds described
<br />in Section 2 is at least fifteen 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 />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br />any, a denomination equal to a principal amount that, when interest is accrued and compounded
<br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated
<br />maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple
<br />thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole
<br />multiple thereof.
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