2024-023 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2024 - 23 BY: Mayor Jones AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $3,800,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PROVIDE FUNDS TO PAY COSTS OF ACQUIRING AND INSTALLING ENERGY CONSERVATION MEASURES IN CITYBUILDINGS AND FACILITIES, TOGETHER WITHALL NECESSARYAPPURTENANCES THERETO. WHEREAS, pursuant to Ordinance No. 2023-51, passed on May 3, 2023, there were issued $4,000,000 of notes issued in anticipation of bonds for the purpose stated in Section 1 (the Outstanding Notes), which Outstanding Notes mature on June 26, 2024; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the sale of the Notes described in Section 3 and other funds available to the City; and WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 15 years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 27, 2043; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1: Authorized Principal Amount of Anticipated Bonds and Pu se. It is necessary to issue bonds of this City in an aggregate principal amount not to exceed $3,800,000 (the Bonds) to provide funds to pay costs of acquiring and installing energy conservation measures in City buildings and facilities, together with all necessary appurtenances thereto. SECTION 2: Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2025, shall bear interest at the now estimated rate of 6.5%per year, payable semiannually until the principal amount is paid, and are estimated to mature in 15 annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2026, and the first interest installment on the Bonds is estimated to be payable on December 1, 2025. SECTION 3: Authorized Principal Amount of Notes: Dating: Interest Rate: Prepayment. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $3,800,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Energy Conservation Gmeml Obligation 2024