2020-139 Ordinance - Laserfiche WebLink

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Series K — Information Technology Equipment Bonds CITY OF NORTH OLMSTED ORDINANCE NO. 2020 - 139 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $300,000 TO PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING COMPUTER HARDWARE AND SOFTWARE, TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, FOR USE IN CARRYING OUT CITY SERVICES AND FUNCTIONS; 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. 2019-120 passed by this Council on January 21, 2020, a note in anticipation of bonds in the amount of $300,000 (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 the equipment described in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section 2 is five 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. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Agreement, the Registrar Agreement and such other proceedings of the City,