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CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2026 - 28
<br />Mayor Dailey Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $3,400,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND
<br />INSTALLING ENERGY CONSERVATION MEASURES IN
<br />CITY BUILDINGS AND FACILITIES, 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 notes in anticipation of bonds for the purpose stated in Section 1, which notes were
<br />retired at maturity with proceeds of $3,800,000 of notes, issued in anticipation of bonds for the
<br />purpose stated in Section 1, pursuant to Ordinance No. 2024-23, passed on April 16, 2024, as part of
<br />a consolidated issue of $10,575,000 Various Purpose Notes, Series 2024, which notes were retired at
<br />maturity with the proceeds of $3,600,000 of notes (the Outstanding Notes), issued in anticipation of
<br />bonds pursuant to Ordinance No. 2025-32, passed on May 7, 2025, as part of a consolidated issue of
<br />$10,375,000 Various Purpose Notes, Series 2025, which Outstanding Notes will mature on June 24,
<br />2026; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<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 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 />June 27, 2043;
<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 Pumose. It is necessary
<br />to issue bonds of this City in an aggregate principal amount not to exceed $3,400,000 (the Bonds) to
<br />provide funds to pay costs of acquiring and installing energy conservation measures in City buildings
<br />and facilities, 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 />Energy Conservation General Obligation 2026
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