91-026 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 91- 26 BY: Ronald Talton AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A $100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL SEWERAGE. SYSTEM BY ACQUIRING, CONSTRUCTING AND INSTALLING STORM SEWERS, STORM WATER RETENTION BASINS, STORM WATER DRAINAGE CONTROL EQUIPMENT AND CATCH BASINS, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-31, passed April 19, 1989, notes in anticipation of bonds in the amount of $145,000, dated June 6, 1989 were issued for the purpose stated in Section 1, which notes were retired at maturity with funds avai.labl.e to the City and the proceeds of a $100,000 note dated June 5, 1990 (the 1990 Note) issued in anticipation of bonds pursuant to Ordinance No. 90-60, passed May 15, 1990, which 1990 Note is to mature on March 5, 1991; and WHEREAS, this Council finds and determines that the City should retire the 1990 Note with the proceeds of the Note described in Section 3, and WHEREAS, the D.i.rector of Finance as fiscal. officer of this City has cert.if_ied to this Council that the estimated life or period of usefulness of the .improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of tYie Note described in Section 3, to be issued in anticipation of the Bonds, is June 6, 2009; 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 bonds of this City in the aggregate principal amount of $100,000 (the Bonds) to pay costs of improving the municipal sewerage system by acquiring, constructing and installing storm sewers, storm water retention basins, storm water drainage control equipment and catch basins, together with the necessary appurtenances thereto. Section 2. The Bonds shall be dated approximately December 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount i.s paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that a note in the principal amount of $100,000 (the Note] shall. be issued i.n anti.ci.pation of the issuance of the Bonds and to retire the 1990 Note. The Note shall bear interest at a rate or rates not to exceed 8% per year