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CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2026 - 26
<br />BY: Mayor Dailey Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $6,150,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE
<br />CITY'S PARKS AND RECREATIONAL FACILITIES,
<br />INCLUDING THE SENIOR CENTER, BY CONSTRUCTING,
<br />INSTALLING, FURNISHING, EQUIPPING AND IMPROVING
<br />BASKETBALL COURTS, BASEBALL FACILITIES,
<br />PLAYGROUNDS, MULTI -PURPOSE FIELDS, TRAILS, AND
<br />PARKING LOTS, AND OTHERWISE IMPROVING PARKS
<br />AND RECREATIONAL FACILITIES, TOGETHER WITH
<br />ALL NECESSARY APPURTENANCES THERETO, AND
<br />CLEARING, EQUIPPING AND IMPROVING THE SITES
<br />THEREOF; AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2024-24, passed on April 16, 2024, there
<br />were issued $6,150,000 of notes, in anticipation of bonds for the purpose stated in Section 1, as part
<br />of a consolidated issue of $10,575,000 Various Purpose Notes, Series 2024, which notes were retired
<br />at maturity with the proceeds of $6,150,000 of notes (the Outstanding Notes), issued in anticipation
<br />of bonds pursuant to Ordinance No. 2025-3 1, passed on May 7, 2025, as part of a consolidated issue
<br />of $10,375,000 Various Purpose Notes, Series 2025, which Outstanding Notes will mature on June
<br />24, 2026; and
<br />WHEREAS, this Council fmds and determines that the City should retire the
<br />Outstanding Notes with the proceeds of the sale of the Notes described in Section 3 and other funds
<br />available to the City; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 26 years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is June 25, 2044;
<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 $6,150,000 (the Bonds) to
<br />provide funds to pay costs of improving the City's parks and recreational facilities, including the
<br />Senior Center, by constructing, installing, furnishing, equipping and improving basketball courts,
<br />baseball facilities, playgrounds, multi -purpose fields, trails, and parking lots, and otherwise improving
<br />Parks and Recreation General Obligation 2026
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