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CITY OF NORTH OLMSTED ORDINANCE NO. 2005-45 BY: Mayor O'Grady and All of Council AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $500,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING A FIRE STATION, PROVIDING FIRE APPARATUS AND EQUIPMENT TO BE HOUSED THEREIN AND ACQUIRING, PREPARING AND OTHERWISE IMPROVING REAL ESTATE AND INTERESTS THEREIN FOR ITS SITE. WHEREAS, at an election held on November 2, 2004, on the question of issuing bonds of the City in the aggregate principal amount of $4,000,000 for the purpose stated in Section 1 and of levying taxes outside the 11.1 -mill limitation provided by the City Charter to pay the debt charges on those bonds and any anticipatory securities, the requisite majority of those voting on the question voted in favor of it; and WHEREAS, pursuant to Ordinance No. 2004 -176 passed on November 16, 2004, notes in anticipation of bonds in the amount of $3,500,000 dated December 30, 2004, were issued for the improvements described in Section 1 as the first installment of the securities authorized at that election; and WHEREAS, this Council finds and determines that the City should issue the Notes described in Section 3 at this time to provide the remaining amount necessary for those improvements; and WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer, certify the estimated life or period of usefulness of each class of the improvements described in Section 1, the estimated maximum maturity of the Bonds described in Section 1 and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds; and WHEREAS, the Director of Finance has certified that the estimated life or period of usefulness of each class of the improvements is at least five years, that the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and that the maximum maturity of the Notes described in Section 3 is two hundred forty months; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: