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CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2025-31
<br />BY: Mayor Jones
<br />AN ORDINANCE PROVNING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $410,NI0 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVNE FUNDS TO PAY COSTS OF IMPROVING THE
<br />CITY'S PARKS AM RECREATIONAL FACILITIES,
<br />INCLUDING THE SENIOR CENTER, BY CONSTRUCTING,
<br />INSTALLING, FURNISHING, EQUIPPING AND
<br />IMPROVING BASKETBALL COURTS, BASEBALL
<br />FACILITIES PLAYGROUNDS, MULTI -PURPOSE FIELDS,
<br />TRAILS, AND PARKING LOTS, AND OTHERWISE
<br />IMPROVING PARKS AND RECREATIONAL FACILITIES,
<br />TOGETHER WITH ALL NECESSARY APPURTENANCES
<br />THERETO, AND CLEARING, EQUIPPING AND
<br />IMPROVING THE SITES THEREOF; AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant m OMiosnce No. 2024-24, pass d on April 16, 2024, there
<br />were issued $6,150,000 of totes (the Ounnun ing Notes), in anticipator of botFE for the purpose
<br />starts in Section 1, as part of a consolidaud issue of $10,575,000 Vorions Rupcae Notes, Series
<br />2024, which Outsmnding Notes will mature on June 25, 2025; and
<br />WHEREAS, this Council finds and detemNes that the City should retire the
<br />Outstanding Notes with the proceeds of the sale of the Notes describes in Section 3 arts other hunts
<br />available to the City, arW
<br />WHEREAS, the Director of Finance, as fiscal officer of dais City, has cemhfiM on
<br />Us Council that the estimaz 1 life or period of usefulness of the impmvements described in
<br />Section 1 is at least five years, the estimmed maximum m ounity of the Bonds described in Section 1
<br />is 26 years, and the maximum maturity of the Notes described in Secton 3, To he issued in
<br />anticipation of the Bonds, is June 25, 2044;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North (Amsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. A dwnttd Prinn'oal Atnount ofAnti 'rerM Hunts and punnuess. it is necessary
<br />to issue bonds of Us City in an aggregate principal amount not m exwM $6,150,000 p he Bonds) to
<br />provide funds to pay com of improving the City's parks and recreational facilities, including the
<br />Senior Center, by constnwting, insulting, furnishing, Nmppiog and improving basketball worts,
<br />baseball facilities, playgrounds, multi -purpose fields, trails, and parking lots, arts otherwise
<br />improving park and recreatioral facilities, together with all necessary appurtenances thereto, arts
<br />clearing, equipping arts improving the sites thereof.
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