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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 20M-32
<br />BY: Mayor Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED UAKI0,000 OF NOTES, I
<br />ANTICBATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND
<br />INSTALLING ENERGY CONSERVATION MEASURES US
<br />CITY BUILDINGS AND FACIIMS, TOGETHER WITH
<br />ALL NECESSARY APPURTENANCES THERETO; AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2023-51, passed on May 3, 2023, there were issued
<br />$4,000,000 of ones in anticipation of binds for the purpose sttN in Section 1, which notes were
<br />rented at maturity with pmecxds of $3,800,000 of notes (the Outstanding Notes), issued in
<br />anticipation Of bonds for the purpose stated in Section 1, pursuaa m Ordinance No. 2024-23, passed
<br />on April 16, 2024, as part of a wasolidated issue of S10,575," Various Puriwae Notes, Series
<br />2024, which Outstanding Notes will noeture on June 25, 2025; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outland N
<br />Notes with the proceeds of the sale of the Notes described in Section 3 and other funds available to
<br />the City; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certifiN to this
<br />Council not the estimated life or period of usefulness of the improvement described in Section 1 is
<br />at least five years, the es answed maximum maturity of the Bonds described in Section 1 is 15 years,
<br />and the maximum maturity, of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is June 27, 2043;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsded,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Authorttect Principal Annount of Anticipated Bonds and Purpose. It is necessary,
<br />m issue bonds of this City in an aggregate principal amount on to exceed $3,600,000 (the Bonds) to
<br />provide fiords to pay costs of acquiring and installing energy conservation measures in City
<br />buildi�sa�facilities, mgethrrwith all necessary eppuneoncesth Ho.
<br />Section 2. Estimated Bond Terns. The Bonds shill be doted approximately June 1, 2026,
<br />shell bear interest at the now estimated rate of 6.5% per year, payable semiannually until the
<br />principal amount is paid, and are esnmatN to more in 15 Around principal'usstalimrnts that are
<br />substantially equal. The first principal installment of the Bonds is estunaned to he payable on
<br />December 1, 2027, and the first interest installment on the Bolls is estimated to be payable on
<br />December 1, 2026.
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