82-137 Ordinance - Laserfiche WebLink

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CITY OF NORTA OLMSTED ORDINANCE NO.: 82-137 BY: ' AN ORDINANCE AUTIiORIZING THE ISSUANCE OF NOTES IN ANTICI- PATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CON- STRUCTING, FURNISHING AND EQUIPPING A COMBINED BUS GARAGE, SERVICE GARAGE AND MUNICIPAL ADMINISTRATION BUILDING AND IMPROVING THE SITE THEREOF. WHEREAS, this Council has requested that the Director of Finance, as fiscal officer, certify to this Council the estimated life of the improvements hereinafter mentioned, the maximum maturity of the bonds hereinafter referred to and the maximtmm maturity of anq notes which may be issued in anticipation of such bonds, and the Director of Finance has certified that the estimated life of each class of those improvements is at least five years, that the maximum maturity of those bonds is twenty years based upon the weighted average of the amounts allocated to the several classes of improvements as set forth in the Director of Finance's certificate, which allocation is hereby approved, ratified and confirmed, and that the maximum maturitq of the notes to be issued in anticipation of such bonds is ten qears, if sold publicly, or one year, if sold at private sale. NOW, THEREFORE, BE IT ORDAINED by the Council of the Citq of North Olmsted, Cuyahoga Countq, State of Ohio: SECTION 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $3,200,000 for the purpose of constructing, furnishing and equipping a combined bus garage, service garage and municipal administration building and improving the site thereof. SECTION 2. That such bonds shall be dated approximately November 1, 1983, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annuallq, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. SECTION 3. That it is necessary to issue and this Council herebq determines that notes in the aggregate principal amount of $3,200,000 shall be issued in anticipation of such bonds. Such anticipatory notes shall bear interest at a rate or rates not to exceed the maximum interest rate per annum determined by the Director of Finance, payable at maturity, with provision, if requested by the purchaser or a particular purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest at a different rate or rates, but not exceeding the maxi- mum interest rate per annum determined by the Director of Finance, from the said maturity until the principal sum is paid. Such rate or rates shall be fixed by the Director of Finance in his certificate awarding the notes in accordance with Section 5 hereof. Such notes shall be dated the date of issuance, shall mature one year from the date of issuance and shall be issued in such numbers and denominations as may be requested by the purchaser or a particular purchaser thereof. SECTION 4. That such notes shall be executed by the Mayor and Direc- tor of Finance, one of whose signatures maq be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, or at one or more banks or trust com- panies designated by the purchaser or a particular purchaser, provided that such designation shall be approved by the Director of Finance after deter-