2004-034 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2004-34 BY: COUNCIL MIlMBER KASLER AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $550,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING EMERGENCY RESCUE SQUAD AND OTHER MOTOR VEHICLES AND RELATED EQUIPMENT FOR THE CITY'S FIRE DEPARTMENT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2003-156 passed on December 2, 2003, notes in anticipation of bonds in the amount of $550,000, dated January 21, 2004 (the Outstanding Notes), were issued for the vehicles and equipment described in Section 1, which Outstanding Notes are to mature on June 17, 2004; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Notes with the proceeds 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 vehicles and equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least eight years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is January 21, 2017; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section l. It is necessary to issue bonds of this City in the aggregate principal amount of $550,000 (the Bonds) to pay costs of acquiring emergency rescue squad and other motor vehicles and related equipment for the City's Fire Department. Section 2. The Bonds shall be dated approximately April 1, 2005, shall bear interest at the now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are estimated to mature in eight annual principal installments that are substantially equal. The first installment of interest on the Bonds is estimated to be payable on December 1, 2005, and the first principal installment on the Bonds is estimated to be payable on December 1, 2006. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $550,000 (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 sha11 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 she determines it to be necessary or advisable in ;,...?. ,., . ,