92-032 Ordinance - Laserfiche WebLink

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r CITY OF NORTH OLMSTED ORDINANCE N0. 92- 32 BY: C'OtTNCTLMAN-T TNT) AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SAI,E OF $1,775,000 NOTES, ZN ANTICIPATION OF THE ISSUANCF. OF BONDS, FOR THE YURPOSE OF IMPROVING TIiF MiJNICiPAL SANITARY SEWER SYSTEM BY CONSTRUCTING, RECONSTRUCTING, RI;HABILITATING AND REPLACING SANTTARY SEWERS AND SANITARY SFWER CONNECTIONS AND BY IMPROVING AND EQUIPPING THE WASTEWATFR TREATMFNT PLANT, TOGETHI'R WITH 1'HE NECFSSARY APPURTENANCRS AND WORK INCIDFNTAL THERETO, AND DECLARING AN EMERGENCX. WHEREAS, pursuant to Ordinance No. 91-85, passed June 18, 1991, notes in anticipation of bonds in the amount of $1,775,000 were issued for ttie purpose stat:ed in Section 1, as part of the City's $4,200,000 Various Purpose Notes, Second Series, dated July 31, 1991, and maturing April 24, 1992 (the 1991 Notes); WHEREAS, this Council fi.nds and deter.mines that the City should retire the outstanding notes with the proceeds of the NoL-es descr.ibed in Section 3; and WHERFAS, the Director of Finance as fiscal of.fir_er of this Cit.y has certified to this Council that the estimated ].ife or per.iod o£ tisefulness of the improvements described in Secti.on 1 is at least five years, the estimated maximum matu.rity of the Bonds described in Sect.ion 1 is twenty years, znd the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is July 31, 2011; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Nori.h Oimsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of tltis Cit.y _iti the aggre- gate principal amount of $1,775,000 (the Bonds) for ttie purpose of improving the munici.pal sanitary sewer system by constructing, reconstructing, rehabilitati.ng and replacing sanitary sewers and sanitar.y sewer cotinections and by improving and equipping the wastewater treatment pl.ant., together with the necessary appurtenances and work incidental thereto. Secti.on 2. The Bonds shall be dat.ed approximat.ely Apr.il. 1, 1993, shall bear interest at the now estimated r.ate of 8% per yea.r, payabl.e semi- annually until the principal amount is paid, and are estimated to mature in twenty annua.l principal installmenLs tliat are substantially equal. Secti.on 3. It is necessary to issue and C}iis Council det.ermines ttiat notes in the aggregate pr.incipal amount of $1,775,000 (the Notes) sliall be issued in anticipation of the issuance of the Bonds and to retire the 1991