North Olmsted City Council approves Ordinance No. 2026-26 to issue up to $6,150,000 in notes to fund improvements to parks and recreational facilities, including upgrades to basketball courts, baseball facilities, playgrounds, and a senior center, with bonds maturing in 26 years. An emergency declaration accompanies the ordinance.
May 21, 2026, 2:36 PM · manual-curation
CITY OF NORTH OLMSTED
ORDINANCE NO.2026 - 26
BY: Mayor Dailey Jones
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF NOT TO EXCEED $6,150,000 OF NOTES, IN
ANTICIPATION OF THE ISSUANCE OF BONDS, TO
PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE
CITY'S PARKS AND RECREATIONAL FACILITIES,
INCLUDING THE SENIOR CENTER, BY CONSTRUCTING,
INSTALLING, FURNISHING, EQUIPPING AND IMPROVING
BASKETBALL COURTS, BASEBALL FACILITIES,
PLAYGROUNDS, MULTI -PURPOSE FIELDS, TRAILS, AND
PARKING LOTS, AND OTHERWISE IMPROVING PARKS
AND RECREATIONAL FACILITIES, TOGETHER WITH
ALL NECESSARY APPURTENANCES THERETO, AND
CLEARING, EQUIPPING AND IMPROVING THE SITES
THEREOF; AND DECLARING AN EMERGENCY.
WHEREAS, pursuant to Ordinance No. 2024-24, passed on April 16, 2024, there
were issued $6,150,000 of notes, in anticipation of bonds for the purpose stated in Section 1, as part
of a consolidated issue of $10,575,000 Various Purpose Notes, Series 2024, which notes were retired
at maturity with the proceeds of $6,150,000 of notes (the Outstanding Notes), issued in anticipation
of bonds pursuant to Ordinance No. 2025-3 1, passed on May 7, 2025, as part of a consolidated issue
of $10,375,000 Various Purpose Notes, Series 2025, which Outstanding Notes will mature on June
24, 2026; and
WHEREAS, this Council fmds 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 26 years,
and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
Bonds, is June 25, 2044;
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 Purpose,. It is necessary
to issue bonds of this City in an aggregate principal amount not to exceed $6,150,000 (the Bonds) to
provide funds to pay costs of improving the City's parks and recreational facilities, including the
Senior Center, by constructing, installing, furnishing, equipping and improving basketball courts,
baseball facilities, playgrounds, multi -purpose fields, trails, and parking lots, and otherwise improving
Parks and Recreation General Obligation 2026
park and recreational facilities, together with all necessary appurtenances thereto, and clearing,
equipping and improving the sites thereof.
Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2027,
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 26 annual principal installments that are substantially
equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2028,
and the first interest installment on the Bonds is estimated to be payable on December 1, 2027.
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 $6,150,000 (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
Director of Finance may, if he determines it to be necessary or advisable in connection with the sale
of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this
Ordinance (the Certificate of Award) a maturity date for the Notes that is any date not later than one
year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 6.0% per
year (computed on the basis of a 360-day year consisting of 12 30-day months), payable at maturity,
or at any date of earlier prepayment as provided for below, and until the principal amount is paid or
payment is provided for. Subject to the limitations set forth in this Section and Section 1, the
aggregate principal amount of the Notes to be issued, being the amount determined by the Director
of Finance to be necessary for the purpose described in Section 1, and the rate of interest the Notes
shall bear, shall be established and specified by the Director of Finance in the Certificate of Award.
If agreed to by the Original Purchaser, the Notes shall be prepayable without penalty or
premium at the option of the City on any date that is on or after six months following the date of
issuance of the Notes, or on or after a date designated by the Director of Finance in the Certificate of
Award (the Prepayment Date). Prepayment prior to maturity shall be made by deposit with the Paying
Agent of the principal amount of the Notes together with interest accrued thereon to the Prepayment
Date. The City's right of prepayment shall be exercised by delivering a notice of prepayment, stating
the Prepayment Date and the name and address of the Paying Agent, to the Original Purchaser and to
the Paying Agent not less than seven days prior to the Prepayment Date, unless that notice is waived
by the Original Purchaser and the Paying Agent. If money for prepayment is on deposit with the
Paying Agent on the Prepayment Date following the giving of that notice (unless the requirement of
that notice is waived as stated above), interest on the principal amount prepaid shall cease to accrue
on the Prepayment Date, and upon the request of the Director of Finance the Original Purchaser of
the Notes shall arrange for the delivery of the Notes at the designated office of the Paying Agent for
prepayment, surrender and cancellation.
Section 4. Payment of Debt Charges; Paying Agent. The debt charges on the Notes shall be
payable in Federal Reserve funds of the United States of America, without deduction for services of
the City's paying agent, or at the designated corporate trust office of Argent Institutional Trust
Company, Cincinnati, Ohio, at the designated office of another bank or trust company requested by
the Original Purchaser of the Notes, provided that such request shall be approved by the Director of
Finance after determining that the payment at that bank or trust company will not endanger the funds
or securities of the City and that proper procedures and safeguards are available for that purpose; or
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at the office of the Director of Finance if agreed to by the Director of Finance and the Original
Purchaser (the Paying Agent). The Director of Finance is authorized to enter into any agreements
determined necessary in connection with obtaining the services of a paying agent for the Notes, after
determining that the signing thereof will not endanger the funds or securities of the City.
Section 5. Execution of Notes, Book Entry System. The Notes shall be signed by the Mayor
and Director of Finance, in the name of the City and in their official capacities, provided that one of
those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as
requested by the Original Purchaser and approved by the Director of Finance, provided that the entire
principal amount may be represented by a single note, and provided further than no Note shall be
issued, or exchangeable for other Notes, in a denomination less than $100,000. The Notes may be
issued as fully registered securities (for which the Director of Finance will serve as note registrar) and
in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the
Revised Code, with a single physical note certificate representing the entire issue (or the consolidated
issue into which it is combined with one or more other note issues of the City in accordance with
Section 6), if it is determined by the Director of Finance that issuance of fully registered securities in
that form will facilitate the sale and delivery of the Notes. The Notes shall not have coupons attached,
shall be numbered as determined by the Director of Finance and shall express upon their faces the
purpose, in summary terms, for which they are issued and that they are issued pursuant to this
Ordinance.
As used in this Section and this Ordinance:
"Book entry form" or "book entry system" means a form or system under which (i) the
ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes (book
entry interests) may be transferred only through a book entry, and (ii) a single physical Note certificate
is issued by the City and payable only to a Depository or its nominee, with such Notes deposited with
and retained in the custody of the Depository or its agent for that purpose. The book entry maintained
by others than the City is the record that identifies the owners of book entry interests in the Notes and
that principal and interest.
"Depository" means any security depository that is a clearing agency under federal law
operating and maintaining, with its Participants or otherwise, a book entry system to record ownership
of book entry interests in the Notes or the principal of, and interest on, the Notes and to effect transfers
of the Notes, in book entry form, and includes and means initially The Depository Trust Company (a
limited purpose trust company).
"Participant" means any participant contracting with a Depository under a book entry system
and includes security brokers and dealers, banks and trust companies, and clearing corporations.
The Notes may be issued to a Depository for use in a book entry system and, if and as long as
a book entry system is utilized, (i) the Notes may be issued in the form of a single Note made payable
to the Depository or its nominee and deposited with and retained in the custody of the Depository or
its agent for that purpose; (ii) the owners of book entry interests shall have no right to receive the
Notes in the form of physical securities or certificates; (iii) ownership of book entry interests shall be
shown by book entry on the system maintained and operated by the Depository and its Participants,
and transfers of the ownership of book entry interests shall be made only by book entry by the
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Depository and its Participants; and (iv) the Notes as such shall not be transferable or exchangeable,
except for transfer to another Depository or to another nominee of a Depository, without further action
by the City.
If any Depository determines not to continue to act as a Depository for the Notes for use in a
book entry system, the Director of Finance may attempt to establish a securities depository/book entry
relationship with another qualified Depository. If the Director of Finance does not or is unable to do
so, the Director of Finance, after making provision for notification of the book entry interest owners
by the then Depository and any other arrangements deemed necessary, shall permit withdrawal of the
Notes from the Depository, and shall cause the Notes in bearer or payable form to be signed by the
officers authorized to sign the Notes and delivered to the assigns of the Depository or its nominee, all
at the cost and expense (including any costs of printing), if the event is not the result of City action or
inaction, of those persons requesting such issuance.
The Director of Finance is also hereby authorized and directed, to the extent necessary or
required, to enter into any agreements determined necessary in connection with the book entry system
for the Notes, after determining that the signing thereof will not endanger the funds or securities of
the City.
Section 6. Award and Sale of the Notes.
(a) To the Original Purchaser. The Notes shall be sold by the Director of Finance at
private sale at a purchase price not less than par, as determined in the Certificate of Award, and in
accordance with law and the provisions of this Ordinance. The Director of Finance shall sign the
Certificate of Award referred to in Section 3 specifying the aggregate principal amount of the Notes
to be issued, the interest rate the Notes shall bear, the final purchase price of the Notes and certain
other final terms of the Notes and evidencing that sale, cause the Notes to be prepared, and have the
Notes signed and delivered, together with a true transcript of proceedings with reference to the
issuance of the Notes if requested by the Original Purchaser, to the Original Purchaser upon payment
of the purchase price. The Mayor, the Director of Finance, the Director of Law, the Clerk of Council
and other City officials, as appropriate, are each authorized and directed to sign any transcript
certificates, financial statements and other documents and instruments and to take such actions as are
necessary or appropriate to consummate the transactions contemplated by this Ordinance. The
Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine
the issue of Notes with one or more other unvoted general obligation bond anticipation note issues of
the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code.
(b) Note Purchase Agreement. If the Director of Finance and the Original Purchaser
determine to use a Note Purchase Agreement, then the Mayor and the Director of Finance shall sign
and deliver, in the name and on behalf of the City, the Note Purchase Agreement between the City
and the Original Purchaser (the Note Purchase Agreement), which Note Purchase Agreement shall be
in substantially the form that has previously been used by the City for the sale of its bond anticipation
notes, providing for the sale to, and the purchase by, the Original Purchaser of the Notes. The Note
Purchase Agreement is approved, together with any changes or amendments that are not inconsistent
with this Ordinance and not substantially adverse to the City and that are approved by the Director of
Finance on behalf of the City, all of which shall be conclusively evidenced by the signing of the Note
Purchase Agreement or amendments thereto.
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(c) Application for Rating; Financing Costs. The Director of Finance is authorized to
request a rating for the Notes from one or more nationally -recognized rating agencies in connection
with the sale and issuance of the Notes. The expenditure of the amounts necessary to secure those
rating(s) and to pay the other financing costs (as defined in Section 133.01 of the Revised Code) in
connection with the Notes is authorized and approved, and the Director of Finance is authorized to
provide for the payment of any such amounts and costs from the proceeds of the Notes to the extent
available and otherwise from any other funds lawfully available that are appropriated or shall be
appropriated for that purpose.
(d) Ohio Market Access Program. If the Director of Finance determines in the Certificate
of Award for it to be in the best interest of and financially advantageous to the City, the City shall
participate in the Treasurer of State's Ohio Market Access Program.
The Standby Note Purchase Agreement (Standby Note Purchase Agreement) and Paying
Agent Agreement (Paying Agent Agreement) are hereby authorized in the forms as are now on file
with the Clerk of Council with such changes not materially adverse to the City as may be approved
by the officers of the City executing the Standby Note Purchase Agreement and Paying Agent
Agreement. The City acknowledges the agreement of the Treasurer of State in the Standby Note
Purchase Agreement that, in the event the City is unable to repay the principal amount and accrued
and unpaid interest of the Notes at their maturity, whether through its own funds or through the
issuance of other obligations of the City, the Treasurer of State agrees (A) to purchase the Notes from
the holders or beneficial owners thereof upon their presentation to the Treasurer of State for such
purchase at a price of par plus accrued interest to maturity or (B) to purchase renewal notes of the
City in a principal amount not greater than the principal amount of the Notes plus interest due at
maturity, with such renewal notes bearing interest at the Renewal Note Rate (as defined in the Standby
Note Purchase Agreement), maturing not more than one year after the date of their issuance, and being
prepayable at any time with 30 days' notice, provided that in connection with the Treasurer of State's
purchase of such renewal notes the City shall deliver to the Treasurer of State an unqualified opinion
of nationally recognized bond counsel that (i) such renewal notes are the legal, valid and binding
general obligations of the City, and the principal of and interest on such renewal notes, unless paid
from other sources, are to be paid from the proceeds of the levy of ad valorem taxes, within the
11.1-mill limitation provided by the Charter of the City, on all property subject to ad valorem taxes
levied by the City and (ii) interest on the renewal notes is excluded from gross income for federal
income tax purposes under Section 103 of the Internal Revenue Code, as amended, to the same extent
that interest on the Notes is so excluded.
The officers signing the Notes are authorized to take all actions that may in their judgment
reasonably be necessary to provide for the Standby Note Purchase Agreement, including but not
limited to the inclusion of a notation on the form of the Notes providing notice to the holders or
beneficial owners of the existence of the Standby Note Purchase Agreement and providing
instructions to such holders or beneficial owners regarding the presentation of the Note for purchase
by the Treasurer of State at stated maturity.
Section 7. Application of Notes Proceeds. The proceeds from the sale of the Notes, except
any premium and accrued interest, shall be paid into a separate fund of this City established for the
purpose set forth in Section 1 pursuant to Sections 5705.09 and 5705.10 of the Revised Code, and
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those proceeds are appropriated and shall be used for that purpose. The expenditure of those proceeds
for that purpose, including, without limitation, for financing costs as defined in Section 133.01 of the
Revised Code, is hereby authorized and approved. Any portion of those proceeds representing
premium and accrued interest shall be paid into the Bond Retirement Fund.
Section 8. Application and Pledae of Bond or Renewal Note Proceeds or Excess Funds. The
par value to be received from the sale of the Bonds or of any renewal notes and any excess funds
resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the debt charges
on the Notes at maturity and are pledged for that purpose.
Section 9. Provisions for Tax Levy. During the year or years in which the Notes are
outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes,
the same tax that would have been levied if the Bonds had been issued without the prior issuance of
the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall
be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the
same officers, in the same manner, and at the same time that taxes for general purposes for each of
those years are certified, levied, extended and collected, and shall be placed before and in preference
to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the
Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes
or the Bonds when and as the same fall due.
In each year the amount of the tax shall be reduced by the amount of lawfully available
municipal income taxes appropriated and to be applied to the payment of the debt charges on the
Notes or Bonds in compliance with the following covenant. To the extent necessary, the debt charges
on the Notes or Bonds shall be paid from municipal income taxes lawfully available therefor under
the Constitution and laws of the State of Ohio and the Charter of the City; and the City hereby
covenants, subject and pursuant to such authority, including particularly Sections 133.05(B)(7) and
5705.51(A)(5) and (D) of the Revised Code, to appropriate annually from such municipal income
taxes such amounts, and to continue to levy and collect such municipal income taxes in such amounts,
as are necessary to meet such annual debt charges. Nothing in this section in any way diminishes the
irrevocable pledge of the full faith and credit and general property taxing power of the City to the
prompt payment of the debt charges on the Notes or Bonds.
Section 10. Federal Tax Considerations. The City covenants that it will use, and will restrict
the use and investment of, the proceeds of the Notes in such manner and to such extent as may be
necessary so that (a) the Notes will not (i) constitute private activity bonds or arbitrage bonds under
Sections 141 or 148 of the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated
other than as bonds the interest on which is excluded from gross income under Section 103 of the
Code, and (b) the interest on the Notes will not be an item of tax preference under Section 57 of the
Code.
The City further covenants that (a) it will take or cause to be taken such actions that may be
required of it for the interest on the Notes to be and remain excluded from gross income for federal
income tax purposes, (b) it will not take or authorize to be taken any actions that would adversely
affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i) apply
the proceeds of the Notes to the governmental purposes of the borrowing, (ii) restrict the yield on
investment property, (iii) make timely and adequate payments to the federal government, (iv)
maintain books and records and make calculations and reports, and (v) refrain from certain uses of
those proceeds and, as applicable, of property financed with such proceeds, all in such manner and to
the extent necessary to assure such exclusion of that interest under the Code.
The Director of Finance, as the fiscal officer, or any other officer of the City having
responsibility for issuance of the Notes is hereby authorized (a) to make or effect any election,
selection, designation (including specifically designation or treatment of the Notes as "qualified tax-
exempt obligations" if such designation is applicable and desirable, and to make any related
necessary representations and covenants), choice, consent, approval, or waiver on behalf of the City
with respect to the Notes as the City is permitted or required to make or give under the federal income
tax laws, including, without limitation thereto, any of the elections provided for in Section
148(f)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of assuring,
enhancing or protecting favorable tax treatment or status of the Notes or interest thereon or assisting
compliance with requirements for that purpose, reducing the burden or expense of such compliance,
reducing the rebate amount or payments of penalties, or making payments of special amounts in lieu
of making computations to determine, or paying, excess earnings as rebate, or obviating those
amounts or payments, as determined by that officer, which action shall be in writing and signed by
the officer, (b) to take any and all other actions, make or obtain calculations, make payments, and
make or give reports, covenants and certifications of and on behalf of the City, as may be appropriate
to assure the exclusion of interest from gross income and the intended tax status of the Notes, and (c)
to give one or more appropriate certificates of the City, for inclusion in the transcript of proceedings
for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of
all the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and
other facts and circumstances relevant to the tax treatment of the interest on and the tax status of the
Notes.
Each covenant made in this section with respect to the Notes is also made with respect to all
issues any portion of the debt service on which is paid from proceeds of the Notes (and, if different,
the original issue and any refunding issues in a series of refundings), to the extent such compliance is
necessary to assure exclusion of interest on the Notes from gross income for federal income tax
purposes, and the officers identified above are authorized to take actions with respect to those issues
as they are authorized in this section to take with respect to the Notes.
Section 11. Retention of Bond Counsel. The legal services of Squire Patton Boggs (US)
LLP, as bond counsel, be and are hereby retained. The legal services shall be in the nature of legal
advice and recommendations as to the documents and the proceedings in connection with the issuance
and sale of the Notes and the rendering of the necessary legal opinion upon the delivery of the Notes.
In rendering those legal services, as an independent contractor and in an attorney -client relationship,
that firm shall not exercise any administrative discretion on behalf of the City in the formulation of
public policy, expenditure of public funds, enforcement of laws, rules and regulations of the State, the
City or any other political subdivision, or the execution of public trusts. That firm shall be paid just
and reasonable compensation for those legal services and shall be reimbursed for the actual out-of-
pocket expenses it incurs in rendering those legal services. The Director of Finance is authorized and
directed to make appropriate certification as to the availability of funds for those fees and any
reimbursement and to issue an appropriate order for their timely payment as written statements are
submitted by that firm.
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Section 12. Retention of Municipal Advisor. The City retains MAS Financial Advisory
Services, LLC to provide financial advisory services as the City's "municipal advisor" as that term
is defined in Section 975 of Title IX of the Dodd -Frank Wall Street Reform and Consumer
Protection Act ("Dodd -Frank Act") relating to the authorization, structuring, sale, issuance and
delivery by the City of the Notes. Those municipal advisory services shall be rendered to the City
by MAS Financial Advisory Services, LLC in compliance with the Dodd -Frank Act, the rules and
regulations promulgated thereunder and in accordance with the form of agreement between the
City and MAS Financial Advisory Services, LLC which form of agreement is currently on file
with the Clerk of Council (the "Advisory Agreement"). The Mayor, the Director of Finance and/or
the Director of Law are each hereby authorized to execute and deliver the agreement between the
City and MAS Financial Advisory Services, LLC, with such changes to the form of agreement
currently on file with the Clerk of Council that are not materially adverse to the City with the
execution by such City officials being conclusive evidence that any such changes are not materially
adverse to the City. MAS Financial Advisory Services, LLC shall provide those municipal
advisory services as an independent contractor in accordance with the Dodd -Frank Act and the
rules and regulations promulgated thereunder. The Director of Finance shall provide for the
payment of the services rendered and for reimbursement of expenses incurred pursuant to the
Advisory Agreement from the proceeds of the Notes to the extent available and then from other
moneys lawfully available and appropriated or to be appropriated for that purpose.
Section 13. Certification and Delivery of Ordinance and Certificate of Award. The Clerk of
Council is directed to deliver to the County Fiscal Officer (i) a certified copy of this Ordinance and
(ii) a copy of the signed Certificate of Award, as soon as each is available.
Section 14. Satisfaction of Conditions for Note Issuance. This Council determines that all
acts and conditions necessary to be done or performed by the City or to have been met precedent to
and in the issuing of the Notes in order to make them legal, valid and binding general obligations of
the City of North Olmsted have been performed and have been met, or will at the time of delivery of
the Notes have been performed and have been met, in regular and due form as required by law; that
the full faith and credit and general property taxing power (as described in Section 9) of the City are
pledged for the timely payment of the debt charges on the Notes; and that no statutory or constitutional
limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes.
Section 15. Compliance with Open Meeting Requirements. This Council finds and
determines that all formal actions of this Council and of any of its committees concerning and relating
to the passage of this Ordinance were taken, and that all deliberations of this Council and of any
committees that resulted in those formal actions were held, in meetings open to the public in
compliance with the law.
Section 16. Captions and Headings. The captions and headings in this Ordinance are solely
for convenience of reference and in no way define, limit or describe the scope or intent of any
Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means
a section of this Ordinance unless otherwise indicated.
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Section 17. Effective Date. This ordinance is declared to be an emergency measure necessary
for the immediate preservation of the public health, safety and welfare of the City, and for the further
reason that this ordinance is required to be immediately effective in order to issue and sell the Notes,
which is necessary to enable the City to timely retire the Outstanding Notes and thereby preserve its
credit; wherefore, this ordinance shall be in full force and effect immediately upon its passage and
approval by the Mayor.
PASSED:
ATTEST.•
BEATRICE TAYLOR
Clerk of Council
APPROVED.4-�E�Q0 �?3, M6
f '
MAYOR NICOLE DAIL PONES
First Reading:
Second Reading: 7 oZLo
Third Reading: Y —02/ - 4
Committee: _ -LL
r�
LZ J BROSSARD
President of Council
APPROVED AS TO LEGAL FORM.•
Is/Michael R. Gareau, Jr.
MICHAEL R. GAREA U, JR.
Director of Law
Yea: ('
Noy.
A b s e n
2026 Parks and Recreation General Obligation Notes
FISCAL OFFICER'S CERTIFICATE
To the Council of the City of North Olmsted, Ohio:
As fiscal officer of the City of North Olmsted, I certify in connection with your proposed
issue of notes (the Notes) in an aggregate principal amount not to exceed $6,150,000, to be issued
in anticipation of the issuance of bonds (the Bonds) to provide funds to pay costs of improving the
City's parks and recreational facilities, including the Senior Center, by constructing, installing,
furnishing, equipping and improving basketball courts, baseball facilities, playgrounds, multi -purpose
fields, trails, and parking lots, and otherwise improving parks and recreational facilities, together with
all necessary appurtenances thereto, and clearing, equipping and improving the sites thereof, that:
1. The estimated life or period of usefulness of each class of the improvements described
above is at least five years.
2. The estimated maximum maturity of bonds to be issued for such purpose, calculated in
accordance with Section 133.20 of the Revised Code, is 26 years. That maximum maturity is based
on my calculation of the average number of years of life or period of usefulness of the improvement
as measured by the weighted average of the amounts proposed to be expended for the classes of the
improvement as follows: $5,179,800 for municipal recreation, excluding recreational equipment, 30
years; and $970,200 for recreational equipment, 10 years; the weighted average is therefore 26 years.
If notes in anticipation of the Bonds are outstanding later than the last day of December of the fifth
year following the year of issuance of the original issue of notes, the period in excess of those five
years shall be deducted from that maximum maturity of the Bonds.
3. The maximum maturity of the Notes is June 25, 2044, which is 20 years from June 25,
2024, the date of issuance of the original notes issued for this purpose.
Dated: March 17, 2026 !�
Drecto Finance
City of North Olmsted, Ohio