|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2026 - 30
<br />BY: Mayor Dailey Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $2,885,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING LORAIN
<br />ROAD BETWEEN CERTAIN TERMINI BY
<br />CONSTRUCTING, RECONSTRUCTING, RESURFACING,
<br />PAVING, CURBING, DRAINING, AND INSTALLING
<br />CROSSINGS, SIGNAGE AND SIGNALING, AND MAKING
<br />OTHER IMPROVEMENTS AS DESIGNATED IN THE PLANS
<br />APPROVED OR TO BE APPROVED BY COUNCIL,
<br />TOGETHER WITH ALL NECESSARY APPURTENANCES
<br />THERETO.
<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 15 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 necessary
<br />to issue bonds of this City in an aggregate principal amount not to exceed $2,885,000 (the Bonds) to
<br />provide funds to pay costs of improving Lorain Road between certain termini by constructing,
<br />reconstructing, resurfacing, paving, curbing, draining, and installing crossings, signage and signaling,
<br />and making other improvements as designated in the plans approved or to be approved by Council,
<br />together with all necessary appurtenances thereto.
<br />Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2027,
<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 15 annual principal installments that are substantially
<br />equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2028,
<br />and the first interest installment on the Bonds is estimated to be payable on December 1, 2027.
<br />Section 3. Authorized Principal Amount of Notes; Dating; Interest Rate; Prevavment. It is
<br />necessary to issue and this Council determines that notes in an aggregate principal amount not to
<br />exceed $2,885,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes
<br />shall be dated the date of their issuance, and shall mature one year from the date of their issuance;
<br />provided that the Director of Finance may, if he determines it to be necessary or advisable in
<br />connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance
<br />Lorain Road Resurfacing Project General Obligation 2026
<br />
|