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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-34
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $300,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING AND
<br />INSTALLING COMPUTERS AND RELATED EQUIPMENT
<br />AND SOFTWARE FOR FINANCIAL AND ADMINISTRATIVE
<br />SYSTEMS MANAGEMENT, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2003 -55 passed on May 7, 2003, notes in
<br />anticipation of bonds in the amount of $500,000, were issued for the equipment described in Section
<br />1, as a part of a consolidated issue of $2,195,000 Capital Improvement Notes, Series 2003, dated
<br />June 18, 2003, which notes were retired at maturity with funds available to the City and the
<br />proceeds of $400,000 notes (the Outstanding Notes), issued in anticipation of bonds pursuant to
<br />Ordinance No. 2004 -35 passed on April 6, 2004, as a part of a consolidated issue of $3,675,000
<br />Capital Improvement Notes, Series 2004, dated May 4, 2004, which Outstanding Notes are to
<br />mature on May 4, 2005; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />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 equipment described in Section 1 is at
<br />least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is June 18, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$300,000 (the Bonds) to pay costs of acquiring and installing computers and related equipment
<br />and software for financial and administrative systems management.
<br />Section 2. The Bonds shall be dated approximately May 1, 2006, shall bear interest at the
<br />now estimated rate of 4' /a% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in five annual principal installments that are substantially equal. The first
<br />principal installment on the Bonds is estimated to be payable on December 1, 2007, and the first
<br />interest installment is estimated to be payable on December 1, 2006.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $300,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date
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