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CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2026 - 27
<br />BY: Mayor Dailey Jones
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF NOT TO EXCEED $625,000 OF NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />PROVIDE FUNDS TO PAY COSTS OF CONSTRUCTING,
<br />RECONSTRUCTING, FURNISHING, EQUIPPING AND
<br />OTHERWISE IMPROVING THE CITY'S FIRE STATIONS,
<br />TOGETHER WITH ALL NECESSARY APPURTENANCES
<br />THERETO; AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2024-25, passed on April 16, 2024, there
<br />were issued $625,000 of notes, in anticipation of bonds for the purpose stated in Section 1, as part of
<br />a consolidated issue of $10,575,000 Various Purpose Notes, Series 2024, which notes were retired at
<br />maturity with the proceeds of $625,000 of notes (the Outstanding Notes), issued in anticipation of
<br />bonds pursuant to Ordinance No. 2025-30, passed on May 7, 2025, as part of a consolidated issue of
<br />$10,375,000 Various Purpose Notes, Series 2025, which Outstanding Notes will mature on June 24,
<br />2026; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding Notes with the proceeds of the sale of the Notes described in Section 3 and other funds
<br />available to the City; 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 20 years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is June 25, 2044;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Authorized Principal Amount of Anticipated Bonds and Purpose. It is necessary
<br />to issue bonds of this City in an aggregate principal amount not to exceed $625,000 (the Bonds) to
<br />provide funds to pay costs of constructing, reconstructing, furnishing, equipping and otherwise
<br />improving the City's fire stations, together with all necessary appurtenances thereto.
<br />Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2027,
<br />shall bear interest at the now estimated rate of 6.5% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in 20 annual principal installments that are substantially
<br />equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2028,
<br />and the first interest installment on the Bonds is estimated to be payable on December 1, 2027.
<br />Fire Stations Improvement General Obligation 2026
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