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ORDINANCE N0. 92- 113
<br />BY * COUN TT,MAN L FnNAR n
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$1,280,000 TO PAY COSTS OF RENOVATING, REMODELING,
<br />REHABILITATING, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING THE MUNICIPAL RECREATION CENTER AND
<br />IMPROVING AND EQUIPPING ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 90-36, passed April 17, 1990,
<br />notes in anticipation of bonds in the amount of $1,300,000, dated June 5, 1990
<br />were issued for the purpose stated in Section 1, and pursuant to Ordinance No.
<br />90-81, passed July 9, 1990, notes in anticipation of bonds in the amount of
<br />$200,000 were issued for the purpose stated in Section 1; which issues of
<br />notes were retired at maturity with funds available to the City and the pro-
<br />ceeds of $1,500,000 notes issued in anticipation of bonds for the purpose
<br />stated in Section 1, pursuant to Ordinance No. 91-19, passed February 6, 1991,
<br />as part of the City's $3,040,000 Various Purpose Notes, dated March 5, 1991;
<br />which notes were retired at maturity with the proceeds of $1,400,000 notes
<br />issued in anticipation of bonds for the purpose stated in Section 1, pursuant
<br />to Ordinance No. 91-162, passed November 6, 1991, as part of the City's
<br />$2,940,000 Various Purpose Notes, Series 1991, dated December 4, 1991 and to
<br />mature on September 4, 1992; and
<br />WHEREAS, pursuant to an
<br />anticipation of bonds in the amo
<br />issued for the purpose stated in
<br />maturing on September 4, 1992,
<br />Purpose Notes, Third Series, to
<br />December 18, 1992; and
<br />ordinance
<br />ant of $
<br />Section 1
<br />as part
<br />be dated
<br />adopted
<br />1,250,000
<br />and to r
<br />of the
<br />August
<br />August 18, 1992, notes in
<br />(the 1992 Notes) are to be
<br />atire the outstanding notes
<br />City's $3,990,000 Various
<br />27, 1992 and to mature on
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1992 Notes with the proceeds of the Bonds described in Section 1
<br />and provide up to an additional $30,000 to pay costs o£.issuance of the Bonds
<br />described in Section 1; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at least five years and the maximum
<br />maturity of the Bonds described in Section 1 is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
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