|
CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2020 - 14
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $1,260,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF RENOVATING,
<br />REHABILITATING, REMODELING, FURNISHING,
<br />EQUIPPING AND OTHERWISE IMPROVING THE CLUB
<br />HOUSE AND BALLROOM FACILITIES AT THE CITY'S
<br />SPRINGVALE GOLF COURSE, TOGETHER WITH
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO; AND DECLARING AN EMERGENCY
<br />WHEREAS, pursuant to Ordinance No. 2019-6 passed by this Council on February 5, 2019,
<br />a note in anticipation of bonds in the amount of $1,350,000 (the Outstanding Note) was issued for
<br />the purpose stated in Section 1, as part of a consolidated issue of $6,775,000 Capital Improvement
<br />and Equipment Notes, Series 2019, dated April 9, 2019, which Outstanding Note is to mature on
<br />April 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 improvements described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />fifteen years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is April 9, 2039;
<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 $1,260,000 (the Bonds) to provide funds to pay costs of renovating, rehabilitating,
<br />remodeling, furnishing, equipping and otherwise improving the club house and ballroom facilities at
<br />the City's Springvale Golf Course, together with necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately March 1, 2021, shall bear interest at the
<br />now estimated rate of 4-1/2% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in fifteen 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 D — Springvale Facilities Improvements 2019
<br />
|