2022-103 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE: NO. 2022-103 BY': Mayor Dailev.lones AN ORDINANCE AME.NDIN6 SECPIONS 2 AND 3 OF ORDINANCE NO. 2022-77 TO INCREASE THE MAXIMUM INTEREST RATES DUE TO MARKFT (ONDITIONS, AND DECLARINGAN E.MERCE.NC'Y. BF IT ORDAINII1) by the Council oh the City of North Olmsted, Cuyahoga County, Ohio. Thal: Section 1. Section 2 of Ordinance No. 2022-77 passed on September 20. 2022. be and is hereby amended to read as follows: 'Section 2. Pstimated Bond Tensa The Bonds shall he dated appro.xintatcly November I. 2023. shall bear interest at the no%y estimated Into nf6N per year, payable semiannually until the principal amount is paid. and are estimated to mature in 30 annual principal installments that are suhstantialh equal l he first principal installment of the Bonds is estimated to be payable on December 1, 2024, and the first interest installment on the Bonds is estimated to be payable on .lune 1. 2(124." Section 2. Section 3 of Ordinance No. 2022-77 passed on September 20. 2022. be and is hereby amended to read as ILllows: `Section 3- Authorized NrinciPal Amount of Notes;_ Dating; Interest Rate. It is necesssy to issue and this Council determines that notes in an akregate principal amount not to exceed $1.825.000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the dale of their issuance, and shall mature one scar from the dale of their issuance: provided that the Director of I inance may. it she determines it to he necessan_or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this Ordinance (the C'crlificate of Award) a matzo ity date Por the Notes that is any date not later than one Near front the date of their issuance. "fhe Notes shall bear interest at it Irate not to exceed SN per year (computed on the basis of a 360 -lav year consi sling of 12 30 -lav momhs). payable at maturity and until the principal anumnt is paid or payment is provided for. Subject to the limitations set forth in this Section and Section I. the aggregate principal amount of the Notes to be issued, being the amount detcm)incd by the Director of Pinancc to he necessary for the propose described in Section I, and the rate of interest the Notes shall bean shall be established and specified by the Director of Finance in the ('erli ficate of A ward: