2022-104 Ordinance - Laserfiche WebLink

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CFFY OF NORYI'H OLMST1:1) ORDINANCE NO. 2022-104 BY: Niacor DaileN Jones AN ORDINANCE AMENDING SEC'T'ION 2 OF ORDINANCE NO. 2022-78 TO INCREASE TIIE MAXIMLM INTEREST RA I ES DIE F TO M ARKEI CONDI T IONS, AND DFCLARING AN FMERGFN(A. BF IT ORDAINED hx the Council of the City of North Olmsted. C'uvahoga County, Ohio, that Section 1. Section 2 of Ordinance No. 2022-78 passed on September 20. 2022. be and is hercbv amended to read as follows: 'Section 2. Determinations by City Council. This City Council funds and determines that: I lie Project is a -project' as delined in the Act and is consistent with the purposes of Section 13, Article VIII of the Ohio Constitution and the utilization of the project is in lurfkrance of the purposes of the Act and will benefit the people ofihe City and oflhe Slate by creating and prescrvingjobs and employment opportunities and improving the economic wclfarc of the people of the City and of the State. (h) It is necessary and proper and in the bat interest of the City to, and the City shall, issue the Bonds to retire the Notes. the proceeds of cehich edit he issued to pax direct and indirect costs of the Project The Bonds shall be dated approximately November I. 2023, shall bear interest payable semiannually on .lune I and December I of each year, at the estimated rate of 7"/,l per Near. and shal I he payable as to principal in no more than 30 installments on December I of each Near, commencing December I, 2024. in such amounts that the debt charges on the Bonds Lille in each xear that principal is payable are substantiallx equal. or such other dates and methods as then detemtinetl by Council and the Director of Finance. (c) this Council also determines it to be necessan m issue, and the City shall, issue. sell and deliver, as provided and aulhorizeel herein the Notes, in anticipation of the issuance of Bonds_ in an ag,_regatc principal amount not to exceed $2,180,000 lo'the purpose of paving all or a portion of the costs of the Project. 1'he Notes shall he designated'Economic Development Nontax RCNCrmc Notes. Series 2022(Real P,sure Acquisition Project)or as otherwise designated by the Director of Pinancc in the Certificate of Award. "The Notes mux be combined with any other series ol'similar notes of the City into one sale and issue.