2020-136 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2020 - 136 BY: Mayor Kennedy Series H — Recreation Center Improvement Bonds AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,200,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE CITY'S RECREATION CENTER BY RENOVATING, REMODELING, REHABILITATING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING THE ICE RINKS, THE WARMING AREA AND OTHER RELATED FACILITIES, TOGETHER WITH ALL NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; 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. 2019-117 passed by this Council on January 21, 2020, a note in anticipation of bonds in the amount of $2,200,000 (the Outstanding Note) was issued for the purpose stated in Section 2, as part of a consolidated issue of $5,115,000 Capital Improvement and Equipment Notes, Series 2020A, dated March 10, 2020, which Outstanding Note is to mature on March 10, 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 each class of the improvements described in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section 2 is at least fifteen 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.