|
e
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2004- 36
<br />By' COUNCIL MENNIBER KASLER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $100,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING A
<br />FIRE PUMPER AND OTHER RELATED FIRE APPARATUS
<br />AND EQUIPMENT, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2001-59 passed on May 15, 2001, notes in
<br />anticipation of bonds in the amount of $300,000, dated November 29, 2001, were issued for the
<br />apparatus and equipment described in Section 1, which Notes were retired at maturity with funds
<br />available to the City and the proceeds of $200,000 of notes dated November 19, 2002, issued in
<br />anticipation of bonds pursuant to Ordinance No. 2002-145 passed on November 6, 2002, which were
<br />retired at maturity with funds available to the City and the proceeds of $200,000 of notes (the
<br />Outstanding Notes) issued in anticipation of bonds pursuant to Ordinance No. 2003-53 passed on
<br />May 7, 2003, as a part of a consolidated issue of $2,195,000 Capital Improvement Notes, Series
<br />2003, dated June 18, 2003, which Outstanding Notes are to mature on June 17, 2004; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the Notes described in Section 3 and other funds available to the City; and
<br />WHEREAS, the Directar of Finance, as fiscal officer of this City, has certified to this Council
<br />that the estimated life or period of usefulness of the apparatus and equipment described in Section 1 is
<br />at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years,
<br />and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the
<br />Bonds, is November 29, 2016;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$100,000 (the Bonds) to pay costs of acquiring a fire pumper and other related fire apparatus and
<br />equipment.
<br />Section 2. The Bonds shall be dated approximately April 1, 2005, shall bear interest at the
<br />now estimated rate of 4% per year, payable semiannually until the principal amount is paid, and are
<br />estimated to mature in ten annual principal installments that are substantially equal. The first
<br />principal installment on the Bonds is estimated to be payable on December 1, 2006, and the first
<br />interest installment is estimated to be payable on December 1, 2005.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $100,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds
|