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<br />BY Mr. Wilamosky
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES
<br />IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR
<br />THE PURPOSE OF IMPROVING THE RECREATIONAL
<br />FACILITIES OF THE CITY BY CONSTRUCTING A BUILDING
<br />HOUSING AN ICE SKATING RINK, SWIMMTNG POOL, TENNIS
<br />COURTS AND APPURTENANT FACILITIES, CONSTRUCTING
<br />A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND
<br />IMPROVING THE SITE THEREFOR, AND PROVIDING
<br />FURNISHINGS AND EQUIPMENT FOR SUCH RECREATION
<br />CENTER AND GROUNDS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, there is now outstanding an issue of $3,463,000 Recreational
<br />Facilities Notes dated June 10, 1977, maturing June 9, 1978, and issued pursuant
<br />to Ordinance No. 77-69, passed May 17, 1977; and
<br />WHEREAS, this Council has determined to issue the $3,463,000 renewal
<br />notes herein authorized, the proceeds of which will be used to retire the
<br />$3,463,000 notes maturing on June 9, 1978; and
<br />WHEREAS, the fiscal officer of the City has certif ied the maximum
<br />maturity of the bonds anticipated and of the notes herein authorized, the
<br />maximum maturity of such bonds being ttirenty-one years based on the allocation
<br />of the amounts to be expended for the several classes of improvements as set
<br />forth in his certificate, which allocation is hereby approved and confirmed;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $3,463,000 for the purpose of
<br />improving the recreational facilities of the City by constructing a building
<br />housing an ice skating rink, swimming pool, tennis courts and appurtenant
<br />facilities, constructing a toboggan slide, acquiring, developing and improving
<br />the site therefor, and providing furnishings and equipment for such recreation
<br />center and grounds, and to the extent necessary to pay not to exceed one year's
<br />interest on such bonds or notes issued in anticipation thereof.
<br />Section 2. That said bonds shall be dated approximately June l,
<br />1979, shall bear interest at the estimated rate of six and one-half per centum
<br />(6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in twenty-one substantially equal annual installments after their
<br />issuance.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the issuance of the aforesaid bonds and to provide funds for the retirement
<br />of the aforesaid notes maturing June 9, 1978, it is hereby declared necessary
<br />to issue and there shall be issued notes of said City in the principal amount of
<br />$3,463,000.
<br />Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at such rate not exceeding eight per centum (8%) per annum, payable
<br />at ma.turity, and at such rate after maturity not exceeding eight per centum (8%)
<br />per annum, as may be fixed by the Director of Finance in his award of said notes
<br />at private sale. Such notes shall be dated June 9, 1978, shall mature on June 8,
<br />1979, and shall be in such denominations as may be requested by the purchaser.
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