2023-051 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2023 - 51 BY: Mayor Jones AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $4,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING ENERGY CONSERVATION MEASURES IN CITY BUILDINGS AND FACILITIES, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO. WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 15 years, 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, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Authorized Principal Amount of Anticipated Bonds and Puroose. It is necessary to issue bonds of this City in an aggregate principal amount not to exceed $4,000,000 (the Bonds) to provide funds to pay costs of acquiring and installing energy conservation measures in City buildings and facilities, together with all necessary appurtenances thereto. Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2024, shalt bear interest at the now estimated rate of 6.5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in 15 annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2025, and the first interest installment on the Bonds is estimated to be payable on December 1, 2024. Section 3. Authorized Principal Amount of Notes; Dating; Interest Rate; Prepayment. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $4,000,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from 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 Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this Ordinance (the Certificate of Award) a maturity date for the Notes that is any date not later than one year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 6.0% per year (computed on the basis of a 360 -day year consisting of 12 30 - day months), payable at maturity, or at any date of earlier prepayment as provided for below, and until the principal amount is paid or payment is provided for. Subject to the limitations set forth in this Section and Section 1, the aggregate principal amount of the Notes to be issued, being the Emrgy Co cm atiw Gnual Obligation 2023