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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2024 - 24
<br />BY: Mayor Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />NOT TO EXCEED $6,150,000 OF NOTES, IN ANTICIPATION OF
<br />THE ISSUANCE OFBONDS, TO PROVIDE FUNDS TO PAY COSTS
<br />OF IMPROVING THE CITY'S PARKS AND RECREATIONAL
<br />FACILITIES, INCLUDING THE SENIOR CENTER, BY
<br />CONSTRUCTING, INSTALLING, FURNISHING, EQUIPPING
<br />AND IMPROVING BASKETBALL COURTS, BASEBALL
<br />FACILITIES, PLAYGROUNDS, MULTI-PURPOSE FIELDS,
<br />TRAILS, AND PARKING LOTS, AND OTHERWISE IMPROVING
<br />PARKS AND RECREATIONAL FACILITIES, TOGETHER WITH
<br />ALL NECESSARY APPURTENANCES THERETO, AND
<br />CLEARING, EQUIPPING AND IMPROVING THE SITES
<br />THEREOF.
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council
<br />that the estimated life or period of usefulness of the improvements described in Section 1 is at least
<br />five years, the estimated maximum maturity of the Bonds described in Section 1 is 26 years, and the
<br />maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is
<br />240 months from their date of issuance;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />SECTION 1: Authorized Principal Amount of Anticipated Bonds and Purpose. It is
<br />necessary to issue bonds of this City in an aggregate principal amount not to exceed $6,150,000 (the
<br />Bonds) to provide funds to pay costs of improving the City's parks and recreational facilities,
<br />including the Senior Center, by constructing, installing, furnishing, equipping and improving
<br />basketball courts, baseball facilities, playgrounds, multi-purpose fields, trails, and parking lots, and
<br />otherwise improving park and recreational facilities, together with all necessary appurtenances
<br />thereto, and clearing, equipping and improving the sites thereof.
<br />SECTION 2: Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2025,
<br />shall bear interest at the now estimated rate of 6.5% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in 26 annual principal installments that are substantially
<br />equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2026,
<br />and the first interest installment on the Bonds is estimated to be payable on December 1, 2025.
<br />SECTION 3: Authorized Principal Amount of Notes; Daring; Interest Rate; Prepayment. It
<br />is necessary to issue and this Council determines that notes in an aggregate principal amount not to
<br />exceed $6,150,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes
<br />Parks and Recreation General nbligetion 2024
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