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CITY OF NORTH OLMSTED ORDINANCE NO. 2012-12 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $274,700 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE GOLF COURSE AT THE CITY'S SPRINGVALE GOLF COURSE AND BALLROOM FACILITY BY RENOVATING, RESHAPING AND OTHERWISE IMPROVING BUNKERS, PROVIDING DRAINAGE IMPROVEMENTS FOR BUNKERS AND GREENS AND OTHERWISE IMPROVING THE COURSE, IN EACH CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2011-37 passed April 19, 2011, a note in anticipation of bonds in the amount of $303,000 (the Outstanding Note) was issued for the purpose stated in Section l, as part of a consolidated issue of $1,365,000 Capital Improvement and Equipment Notes, Series 2011, dated June 8, 2011, which Outstanding Note is to mature on June 8, 2012; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Note with the proceeds of the Notes described in Section 3 and other funds available to the City; and WHEREAS, 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 improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 8, 2026; 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 $274,700 (the Bonds) to provide funds to pay costs of improving the golf course at the City's Springvale Golf Course and Ballroom facility by renovating, reshaping and otherwise improving bunkers, providing drainage improvements for bunkers and greens and otherwise improving the course, in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately April 1, 2013, shall bear interest at the now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first Springvale Golf Course Improvements Renewal