2026-029 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO.2026 - 29 BY: Mayor Dailey Jones AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $2,040,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE CITY'S STORMWATER MANAGEMENT SYSTEM IN CONNECTION WITH THE SPRUCE PROPERTY STORMWATER WETLAND PROJECT BY CONSTRUCTING AND IMPROVING STORMWATER DRAINAGE FACILITIES INCLUDING BUT NOT LIMITED TO CONSTRUCTION OF A STORMWATER WETLAND BASIN WITH TRAILS AND PICNIC AREAS, STORM SEWERS, DITCHES, CATCH BASINS AND FACILITIES FOR THE RETENTION AND CONTROL OF STORMWATERS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO. WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 40 years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is 240 months from their date of issuance; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Authorized Principal Amount of Anticipated Bonds and Purpose,. It is necessary to issue bonds of this City in an aggregate principal amount not to exceed $2,040,000 (the Bonds) to provide funds to pay costs of improving the City's stormwater management system in connection with the Spruce Property Stormwater Wetland Project by constructing and improving stormwater drainage facilities including but not limited to construction of a stormwater wetland basin with trails and picnic areas, storm sewers, ditches, catch basins and facilities for the retention and control of stormwaters, together with all necessary appurtenances thereto. Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2027, shall bear interest at the now estimated rate of 6.5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in 20 annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2028, and the first interest installment on the Bonds is estimated to be payable on December 1, 2027. Section 3. Authorized Principal Amount of Notes; Dating; Interest Rate; Prepayment. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $2,040,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes Spruce Property Stormwater Improvement General Obligation 2026