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AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A
<br />$100,000 NOTE, IN ANTICIPA'TION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL
<br />SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING AND
<br />INSTALLING STORM SEWERS, STORM WATFR RETENTION BASINS,
<br />STORM WATER DRAINAGE CONTROL EQUIPMENT AND CATCH
<br />BASINS, TOGETHFR WITH THE NECESSARY APPUR'TENANCES
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHF.REAS, pursixant to Ordinance No. 89-31, passed April 19, 1989)
<br />nvtes in antici.pation of bonds in the amount of $145,000, dated June 6, 1989
<br />were issued for the ptirpose stated in Section 1; which notes were retired at
<br />maturity witYi fiznds available to t.he City and the proceeds o£ a$100,000 note
<br />dated June 5, 1990 issued in anticipation of bonds pursuant to Ordinance No.
<br />90-60, passed May 15, 1990; which note was retired at maturity with the
<br />proceeds of a$100,000 note dated March 5, 1991, issued in anticipation of
<br />bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-26,
<br />passed February 6, 1991; which note was retired at maturity with the proceeds
<br />of a$100,000 note dated December 4, 1991, issued in anticipation of bonds for
<br />the ptir.pose stated in Section 1, pursuant to Ordinance No. 91-169, passed
<br />November 6, 1991 (the 1991 Note), wh.ich 1991 Note is to mature on September 4,
<br />1992; and
<br />WHFREAS, this Council f inds and determa.nes that the Ci.ty sYiould
<br />retire the 1991 NoCe with the pror_eeds of the Note described in Section 3, 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, tfie estimated
<br />maximum maturity of the Bonds described in Section 1 is twent.y years, and the
<br />maximum mat.urity of ttie Note descr.ibed in Section 3, to be issued in
<br />anticipativn of the Bonds, is June 6, 2009;
<br />NOW, THEREFORE, BE I'C ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the
<br />aggregatc principal amount of $100,000 (the Bonds) to pay costs of improving
<br />tlie municipal sewerage system by acquiring, constructing and installing storm
<br />sewers, storm water retention basins, storm water drainage control equipment
<br />and catch basins, together with the necessary appurtenances thereto.
<br />Sec:tion 2. The Bonds shall be dated approxima.tely December 1, 1992,
<br />sriall beat interest at the nvw estimated rate of 8% per year, payable semi-
<br />annually until the pri.ncipal amount is paid, and are estimated to mature in
<br />twenty annual principa.l instal.lments that are substantially equal. The first
<br />principal installment is estimated to be December l, 1993.
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