76-084 Ordinance - Laserfiche WebLink

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r . ~ CITY OF NORTH OLMSTED ORDINANCE N0. ~`~~~ By i~,. ~../~~ AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF IMPROVING THE RECREATIONAL FACILITIES OF THE CITY BY CONSTRUCTING A BUILDING HOUSING AN ICE SKATING RINK, SWIMMING POOL, TENNIS COURTS AND APPURTENANT FACILITI, CONSTRUCTING A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND IMPROVING THE SITE THERE~iR, AND PROVIDING FURNISHINGS AND EQUIPMENT FOR SUCH RECREATION CENTER AND GROUNDS, AND DECLARING AN EMERGENCY. WHEREAS, there is now outstanding an issue of $3,362,218 Recreational Facilities Notes dated June 12, 1975, maturing June 11, 1976, and issued pursuant to Ordinance No. 75-89, passed May 6, 1975; and WHEREAS, this Council has determined that it is necessary to issue the notes herein authorized to provide funds to retire the aforesaid issue of outstanding notes maturing on June 11, 1976, and to provide additional funds to pay the cost of the recreational facilities and the cost of additional equipment and site improvements; and WHEREAS , the fiscal officer of the City has certified a.s to the maximum maturity of the bonds anticipated and of the notes herein authorized, the maximum maturity of such bonds being twenty-one years based on the allocation of the amounts to be expended for the several classes of improvements as set forth in his certificate, which allocation is hereby approved and con- f irmed ; NOW, THEREFORE, BE TT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $ .3 ~, for the purpose of improving the recreational facilities of the City by co structing a building housing an ice skating rink, swimming pool, tennis courts and appurtenant facilities, constructing a toboggan slide, acquiring, developing and improving the site therefor, and providing furnishings and equipment for such recreation center and grounds, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately June 1, 1977, shall bear interest at the estimated rate of six and one-half per centum (6-1/2~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-one substantially equal annual installments after their is- suance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and to provide funds for the retirement of the aforesaid notes maturing June 11, 1976, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of S 3 •~l~o ©e d• Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding six per centum (6%) per annum, payable