84-029 Ordinance - Laserfiche WebLink

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NNW ? CITY OF NORTH OLMSTED ORDINANCE N0. 84- 29 BY: ?Ift AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPA- TION OF THE ISSIIANCE OF BONDS FOR THE PURPOSE OF PAYING COSTS OF IMPROVING AND EXPANDING THE MUNICIPAL WASTEWATER TREATMENT FACILITIES. WHEREAS, this Council has requested that the Director of Finance, as fiscal officer, certify to this Council the estimated life of the improvement hereinafter mentioned, the maximum maturity of the bonds hereinafter referred to and the maximum maturity of any notes which may be issued in anticipation of such bonds, and the Director of Finance has certified that the estimated life of that improvement is at least five years, that the maximum maturity of those bonds is forty years, and that the maximum maturity of the notes to be issued in anticipation of those bonds is ten years, if sold publicly or to one of the funds of the City, and one year, if sold at private sale. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, State of Ohio: SECTION 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $5,315,000 for the purpose of paqing costs of improving and expanding the municipal wastewater treatment facilities. SECTION 2. That such bonds shall be dated approximately November 1, 1984, shall bear interest at the estimated rate of ten per centum (10y) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. SECTION 3. That it is necessary to issue and this Council hereby determines that notes in the aggregate principal amount of $5,315,000 shall be issued in anticipation of such bonds. Such anticipatory notes shall bear interest at a rate not to exceed ten and one-half per centum (10-1/2y) per annum, payable at maturity, with provision, if requested by the original purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest at a different rate, but not exceeding ten and one-half per centum (10-1/2y) per annum, from the said maturity until the principal sum is paid. Such rate or rates shall be fixed by the Director of Finance in his certificate awarding the sale of the notes in accordance with Section 5 hereof. Such notes shall be dated the date of issuance, shall mature on November 1, 1984, and shall be issued in such denominations as may be requested by the original purchaser and approved by the Director of Finance. SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable in Federal Reserve funds of the United States of America at the main office of National City Bank, Cleveland, Ohio, without• deduction for its services as the City's paying agent; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.