80-032 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 80 - 32 BY AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF Il~ROVING THE RECREATIONAL FACILITIES OF THE CITY BY CONSTRUCTING A BUILDING HOUSING AN ICE SKATING RINK, SWIlrIl~IING POOL, TENNIS COURTS AND APPUR- TENANT FACILITIES, CONSTRUCTING A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND IMPROVING THE SITE THEREFOR, AND PROVIDING FURNISHINGS AND EQUIPMENT FOR SUCH RE- CREATION CENTER AND GROUNDS, AND DECLARING AN EMERGENCY. WHEREAS, $3,463,000 of notes were issued pursuant to Ordinance No. 79-59 in anticipation of the bonds herein authorized, which notes mature on June 6, 1980; and WHEREAS, there is available the sum of $108,000 which Council has determined to apply pursuant to Revised Code Section 133.32 against the principal amount of the outstanding notes, which amount is not less than the amount that the 1980 principal maturity of the bond issue would have been had bonds been issued on June 12, 1979, five years from the date of the original notes issued for these recreational facilities; and WHEREAS, Council has further determined to issue the bonds herein authorized to provide the remaining funds necessary to retire the outstanding notes at their maturity; and WHEREAS, the fiscal officer of the City has certified his estimate of the life of usefulness of the improvements hereinafter mentioned and the maximum maturity of bonds; NOW, THEREFORE, BE IT 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 $3,355,000 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 ap- purtenant facilities, constructing a toboggan slide, acquiring, developing and improving the site therefor, and providing furnishings and equipment for such recreation center and grounds. Said bonds shall be issued in one lot and notes have been issued in anticipation of said bonds. Section 2. Said bonds shall be issued in the principal amount of $3,355,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1980, shall be issued in the denomination of $5,000 each, shall be numbered from 1 to 671, both inclusive, and shall bear interest at the rate of nine per centum (9%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning June 1, 1981, until the principal sum is paid as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order on December 1 of each year in the following amounts: