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.w CITY OF NORTH OLMSTED ORDINANCE N0. 90-_U_ BY= GOUNCILMAN TALLON ??*4 ? AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF RENOVATING, REMODELING, RE- HABILITATING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING THE MUNICIPAL RECREATION CENTER AND IMPROV- ING AND EQUIPPING ITS SITE. '° - WHEREAS, this City has issued $1,300,000 Recreation Center Improvement Notes dated June 12, 1990, in anticipation of the issuance of bonds to pay costs of renovating, remodeling, rehabilitating, furnishing, equipping and otherwise improving the municipal recreation center and improving and equipping its site; and WHEREAS, after reviewing the construction bids receivsd by the City for those improvements, this Council has determined that it is necessary to provide additional funds to pay the costs of those improvements; 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 each class 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 or more, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen years; 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 aggre- gate principal amount of $200,000 (the Bonds) to pay costs of renovating, remodeling, rehabilitating, furnishing, equipping and otherwise improving the municipal recreation center and improving and equipping its site. Section 2. The Bonds shall be dated approximately March 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in iiine annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount