2003-055 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2003-55 BY: Mayor Musial AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES, IN A 1bIAXI1VIUM AGGREGATE PRINCIPAL AMOUNT OF S5II0,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIItING AND INSTALLING COMPUTERS AND RELATED EQUIPMENT AND SOFTWARE FOR FINANCIAL AND ADMINLSTRATIVE SYSTEMS MANAGEMENT. WI-EREAS, 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 equipmerrt described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bands of this City in a maximum aggregate principal amourtt of $500,000 (the Bonds) to pay costs of acquiring and installing computers a.nd related equipment and software for financial and administrative systems management. Section 2. The Bonds sha11 be dated approximately June 1, 2004, shall bear interest at the now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are estimated to mature in five annual principal installmerns that aze substantially equal. The first principal installment on the Bonds is estimated to be payable on December 1, 2005, and the first interest installment is estimated to be payable on December 1, 2004. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amoum of $500,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes sha11 bear irrterest at a rate not to exceed 4-1/20/o per year (computed on the basis of a 360-day yeaz consisting of twelve 30-day mornhs), payable at maturity and urnil the principal amourn is paid or payment is provided for. Subject to the limitations set forth in Section 1 and this Section 3, the Director of Finance shall determine in the Certificate of Award both (i) the ag,gregate principal amourrt of the Notes to be issued, being the amount she estimates to te necessary to pay costs of the equipment described in Section l, and (ii) the rate of irnerest on the Notes.