90-036 Ordinance - Laserfiche WebLink

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?. ?. CITY OF NORTH OLMSTED ORDINANCE N0. 90- 36 BY: Councilman Tallon AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,300,000 NOTES, TN 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. WFiEREAS, the Di.rector 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 i 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 $1,300,000 (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 January l, 1991, sha11 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 nine annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Counci.l determines that notes in the aggregate principal amount of $1,300,000 (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 af 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 of the Notes shall bear interest at a different rate or rates not to exceed 13% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined bq the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the