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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2020 - 11 <br />BY: Mayor Kennedy <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND <br />SALE OF NOT TO EXCEED $260,000 OF NOTES, IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO <br />PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND <br />INSTALLING COMPUTER HARDWARE AND SOFTWARE, <br />TOGETHER WITH NECESSARY APPURTENANCES AND <br />WORK INCIDENTAL THERETO, FOR USE IN CARRYING <br />OUT CITY SERVICES AND FUNCTIONS; AND DECLARING <br />AN EMERGENCY <br />WHEREAS, pursuant to Ordinance No. 2019-4 passed by this Council on February 5, 2019, <br />a note in anticipation of bonds in the amount of $325,000 (the Outstanding Note) was issued for the <br />purpose stated in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement and <br />Equipment Notes, Series 2019, dated April 9, 2019, which Outstanding Note is to mature on April <br />9, 2020; and <br />WHEREAS, this Council finds and determines that the City should retire the Outstanding <br />Note with the proceeds of the Notes described in Section 3 and other funds available to the City; <br />and <br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this <br />Council that the estimated life or period of usefulness of the equipment described in Section 1 is at <br />least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, <br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the <br />Bonds, is April 9, 2029; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />Section 1. It is necessary to issue bonds of this City in an aggregate principal amount not to <br />exceed $260,000 (the Bonds) to provide funds to pay costs of acquiring and installing computer <br />hardware and software, together with necessary appurtenances and work incidental thereto, for use <br />in carrying out City services and functions. <br />Section 2. The Bonds shall be dated approximately March 1, 2021, shall bear interest at the <br />now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are <br />estimated to mature in five annual principal installments that are substantially equal. The first <br />principal installment of the Bonds is estimated to be payable on December 1, 2021, and the first <br />interest installment on the Bonds is estimated to be payable on June 1, 2021. <br />Series G — Computer Equipment 2019 <br />