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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2012-14
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $146,600 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY
<br />COSTS OF ACQUIRING AN AERATOR, MOWERS, A
<br />SPRAYER AND OTHER EQUIPMENT FOR USE AT THE
<br />CITY'S SPRINGVALE GOLF COURSE AND BALLROOM
<br />FACILITY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2011-36 passed April 19, 2011, a note in
<br />anticipation of bonds in the amount of $182,000 (the Outstanding Note) was issued for the purpose
<br />stated in Section 1, as part of a consolidated issue of $1,365,000 Capital Improvement and
<br />Equipment Notes, Series 2011, dated June 8, 2011, which Outstanding Note is to mature on June 8,
<br />2012; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note 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 marcimum 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 8, 2021;
<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 />$146,600 (the Bonds) to provide funds to pay costs of acquiring an aerator, mowers, a sprayer and
<br />other equipment for use at the City's Springvale Golf Course and Ballroom facility.
<br />Section 2. The Bonds shall be dated approximately April 1, 2013, shall bear interest at the
<br />now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are
<br />estimated to mature in five annual principal installments that are substantially equal. The first
<br />principal installment of the Bonds is estimated to be payable on December 1, 2014, and the first
<br />interest installment on the Bonds is estimated to be payable on December 1, 2013.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $146,600 (the Notes) shall be issued in anticipation of the issuance of the Bonds
<br />and to retire, together with other funds available to the City, the Outstanding Note. The Notes shall
<br />be dated the date of their issuance, and shall mature one year from the date of issuance; provided
<br />that the Director of Finance may, if she determines it to be necessary or advisable in connection
<br />Springvale Golf Course Maintenance Equipment
<br />Renewal
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