|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 140
<br />BY: Mayor Kennedy
<br />Series J - Street Resurfacing Improvement Bonds
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,055,000 TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING ALDEN DRIVE,
<br />ASHBURY PARK DRIVE, BRENDAN CIRCLE, BRENDAN LANE,
<br />BRIGHTON DRIVE, CAMBRIDGE DRIVE, FOREST RIDGE DRIVE,
<br />HAMPTON DRIVE AND SOMERSET DRIVE BETWEEN CERTAIN
<br />TERMINI IN THE CITY BY RECONSTRUCTING AND REHABILITATING
<br />THE PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND
<br />RECONSTRUCTING CATCH BASINS, CURBS AND CURB RAMPS,
<br />MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE
<br />NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH
<br />CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO; AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING
<br />DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2019-119 passed by this Council on January
<br />21, 2020, a note in anticipation of bonds in the amount of $1,055,000 (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 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 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 />
|