|
2008 Street Improvement Program
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2010-70
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $800,000 FOR
<br />THE PURPOSE OF IMPROVING CLAGUE ROAD AND CERTAIN OTHER
<br />DESIGNATED STREETS IN THE CITY BY PREPARING THE SURFACE
<br />AND RESURFACING WITH ASPHALTIC CONCRETE, TOGETHER WITH
<br />THE NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2008-15 passed February 19, 2008, a note in
<br />anticipation of bonds in the amount of $1,000,000 was issued for the purpose stated in Section 2, as
<br />part of a consolidated issue of $2,370,000 Capital Improvement and Equipment Notes, Series 2008,
<br />dated April 2, 2008, which note was retired at maturity with funds available to the City and the
<br />proceeds of a $900,000 note issued in anticipation of bonds pursuant to Ordinance No. 2009-19
<br />passed February 19, 2009, as a part of a consolidated issue of $3,215,000 Capital Improvement and
<br />Equipment Notes, Series 2009, dated April 2, 2009, which note was retired at maturity with funds
<br />available to the City and the proceeds of a $900,000 note (the Outstanding Note) issued in
<br />anticipation of bonds pursuant to Ordinance No. 2010-16 passed February 16, 2010, as a part of a
<br />consolidated issue of $4,390,000 Capital Improvement and Equipment Notes, Series 2010, dated
<br />April 1, 2009, which Outstanding Note is to mature on September 30, 2010; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Note at its maturity; and
<br />WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer
<br />of this City, certify the estimated life or period of usefulness of the improvement described in Section
<br />2 and the maximum maturity of the Bonds described in Section 2; and
<br />WHEREAS, the Director of Finance has certified to this Council that the estimated life
<br />or period of usefulness of the improvement described in Section 2 is at least five years and that the
<br />maximum maturity of the Bonds described in Section 2 is ten years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br />any, a denomination equal to the principal amount that, when interest is accrued and compounded
<br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated
<br />maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple
<br />
|