Laserfiche WebLink
CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2025-M <br />BY: Mayor Joaes <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND <br />SALE OF NOT TO EXCEED Sb2SAOO OF NOTES, TH <br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO <br />PROVIDE FUNDS TO PAY COSTS OF CONSTRUCTESG, <br />RECONSTRUCTING, FURNISHING, EQUIPPING AND <br />OTHERWISE IMPROVING THE CITY'S EIDR STATIONS, <br />TOGETHER WITH ALL NECESSARY APPURTENANCES <br />THERETO: AND DECLARING AN EhD:RGENCY. <br />WHEREAS, pursuant to Ord rstUe No. 2024-25, passed on April 16, 2024, there <br />were issued $625,000 Of notes (the Outstanding Notes), in anticipation of bands for the puryose <br />stated in Section 1, as pan of a consolidated issue of $10,575,000 Various Papose Notes, Series <br />2024, which Outstanding Notes will mature on Jane 25, 2025; and <br />WHEREAS, this Council finds am determines that the City should refire the <br />Outstanding Noes with the fines of the sale of the Notes described in Section 3 and other funds <br />available m the City; and <br />WHEREAS, the Diwerr of Finance, as fiscal officer of this City, has c,,Ori d or <br />this Council that the estimated life or period of usefulness of the improvements described in <br />Section 1 is a least five years, the estimazedmaximam maturity of the Bonds described in Section 1 <br />is 20 years, and the maximum maturity of the Notes described in Section3, m he issued in <br />anticipation of the Bonds, is June 25, 2044; <br />NOW, THEREFORE, BE IT ORDAINED by the Com¢il Of the City of North Olmsted, <br />Cuyahoga County, Obi, that <br />Section 1. A thorned PtinciW Arrount of Anticitated Hands and Pm . It is necessay <br />to issue bonds of this Lay in an aggregate principal amount not to exceed $625,000 (the Borate) in <br />provide finds m pay costs of concocting, reconstructing, famishing, quipping and otherwise <br />improving the City's fire stations, together with all necessary appunerances therem. <br />Section 2. Estimated Bad Terms. The Bonds shall he dated approdmmely June 1, 2026, <br />shall bear interest at the now estimates rate of 6.5% per year, payable semiannually and the <br />principal amount is paid, and are estimatM to mntnre in 20 annual principal installments thin One <br />substantially equd. The first principal installment of the Donis is estimated to be payable on <br />December 1, 2027, And the first interest installment on the Bonds is estimaa d to be payable on <br />December 1, 2026. <br />Fn sttIow allPiMIa t@rcy Oblip on 2025 <br />