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CITY OF NORTH OLMSTED ORDINANCE: NO. 2022-77 RY: Mayor Dailec Jones AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE, OF NOT TO EXCEED S1,825,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO NAY COSTS OF ACQLIRING REAL ESTATE FOR CITY PURPOSES NA HERGAS. the Director of Finance, as fiscal olllcer of this City. has certified to this Council that the estimated life or period 01 usefulness of the improvements described in Section I is at least live years. the estimated nmainnun maturity of the Bonds described in Section I is 30 Nears. and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds. is 240 months from Their date Of issuance. NOW. I HEREFORI-:, B8 I ORDAINFI) h_y the Council of the City of North Olmsted. Cuyahoga County, Ohio, that: Section 1. Authorised Principal Amount of Anticipated Bonds and Propose, It is necessarc to issue bonds of this Cit} in an aggregale principal amount not to exceed $1.825.000 (the Bonds) to provide funds to pay costs ofacyuirine real estate for Cinpurposes. Section 2. Estimated Bond Perms. the Bonds shall he dated approximately November I. 2023, shall bear interest at the now estimated rate of 5°G, per year. payable semiannually until the principal amount is paid. and are estimated to mature in 30 annual principal installments that arc substantially equal. "Ihe first principal installment of the Bonds is estimated to be payable on December 1. 2024. and the fust interest installment on the Bonds is estimated to be payable on .lune 1.2024. Section 3. Authorized Principal Amount of Notes: Datinc- hncrcel Rate. It is nccessary to Issue and this Council determines that notes in an aggregate principal amount not to exceed 51,825.000 (the Notes) shall be issued in anticipation of issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one veal froln the date of their issuance: provided that the Director of Finance may. if she determines it to be necessary or advisable in connection with the sale of the :Votes. establish in the certificate awardine the :Votes in accordance with Section 6 of this Ordinance (the C'crtificate of Award) a matrnih date for the Notes that is ane date not Tater than one year Rom the date of their issuance 1'hc Notes shall bear interest at a rate not to exceed 4% per year (computed on the basis of a 360 -da) year consisting of 12 30 -da} months), payable at maturity and until the principal amount is paid or pa}ment is provided lot*. Subject to the limitations set forth in this Section and Section 1, the aggregate principal amount of the Notes to be issued, being the amount determined by the Diiectm of Finance to be nccessarc Rtr the purpose described in Section I, and the rale of interest the Notes shall bear, shall be estahlished and specified by the Director of Finance in the ('e'titicale of Award. R,xl I xl, A,,... (IcncMl Ohl.o,lloo 20"