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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 138
<br />BY: Mayor Kennedy
<br />Series L — Golf Course Equipment Bonds
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $220,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AN AERATOR,
<br />MOWERS, A SPRAYER, A BUNKER RAKE, A FRONT END LOADER, A
<br />UTILITY VEHICLE AND OTHER EQUIPMENT FOR USE AT THE
<br />CITY'S SPRINGVALE GOLF COURSE AND BALLROOM FACILITY;
<br />AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND
<br />REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT
<br />AND A BOND PURCHASE AGREEMENT, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2019-121 passed by this Council on January
<br />21, 2020, a note in anticipation of bonds in the amount of $220,000 (the Outstanding Note) was
<br />issued for the purpose stated in Section 2, as part of a consolidated issue of $5,115,000 Capital
<br />Improvement and Equipment Notes, Series 2020A, dated March 10, 2020, which Outstanding Note
<br />is to mature on March 10, 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 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 />"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.
<br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the
<br />Continuing Disclosure Agreement, the Registrar Agreement and such other proceedings of the City,
<br />including the Bonds, that provide collectively for, among other things, the rights of holders and
<br />beneficial owners of the Bonds.
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