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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-132
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $895,000 FOR THE PURPOSE OF IMPROVING THE
<br />CITY'S STORM WATER DRAINAGE SYSTEM BY
<br />CONSTRUCTING, RECONSTRUCTING AND OTHERWISE
<br />IMPROVING STORM SEWERS, CULVERTS, RETENTION BASINS
<br />AND OTHER STORM WATER DRAINAGE FACILITIES,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO.
<br />WHEREAS, pursuant to Ordinance No. 95-66, passed on May 16, 1995, as amended
<br />by Ordinance No. 95-89, passed on June 6, 1995, notes in anticipation of bonds in the amount
<br />of $670,000 were issued for the purpose described in Section 2, as part of a consolidated issue
<br />of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995, which
<br />notes were retired at maturity with the proceeds of $670,000 notes (the 1996A Notes) issued in
<br />anticipation of bonds pursuant to Ordinance No. 96-81, passed on May 9, 1996, as a part of a
<br />consolidated issue of $42,435,000 Various Purpose Improvement Notes, Series 1996, dated
<br />June 19, 1996 (the 1996 Consolidated Notes), which 1996A Notes are to mature December 19,
<br />1996; and
<br />WHEREAS, pursuant to Ordinance No. 96-68, passed on May 9, 1996, notes in
<br />anticipation of bonds in the amount of $200,000 (the 1996B Notes) were issued for the purpose
<br />of improving the Ciry's storm water drainage system by constructing a storm water retention
<br />basin and necessary appurtenances thereto, as a part of the 1996 Consolidated Notes, which
<br />1996B Notes are to mature on December 19, 1996; and
<br />WHEREAS, this Council finds and determines that the Ciry should issue the Bonds
<br />described in Section 2 to provide funds to retire the 1996A Notes and the 1996B Notes
<br />(collectively, the Outstanding Notes) and up to an additional $25,000 to pay financing costs in
<br />connection therewith; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of the improvements described in
<br />Section 2 is at least five years and that the maximum maturity of the Bonds described in Section
<br />2 is forty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretations. In addition to the words and terms
<br />elsewhere defined in this ordinance, unless the context or use clearly indicates another or
<br />different meaning or intent:
<br />"Annual Information" means annual financial information and operating data of the
<br />rype to be specified in the Continuing Disclosure Certificate in accordance with the Rule.
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds,
<br />if any, the denomination equal to the original principal amount that, when interest is accrued and
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE STORM SWR $895.
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