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CITY OF NORTH OLMSTED ORDINANCE NO. 2002-145 BY: Mayor Musial AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $200,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING A FIRE PUMPER AND OTHER RELATED FIRE APPARATUS AND EQUIPMENT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2001-59 passed on May 15, 2001, notes in anticipation of bonds in the amount of $300,000, dated November 29, 2001 (the Outstanding Notes), were issued for the apparatus and eyuipment described in Section 1, which Outstanding Notes are to mature on November 19, 2002; 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 apparatus and equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in arrticipation of the Bonds, is November 29, 2016; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohiq that: Section 1. It is necessasy to issue bonds of this City in the aggregate principal amount of $200,000 (the Bonds) to pay costs of acquiring a fire pumper and other related fire apparatus and equipment. Section 2. The Bonds sha11 be dated approximately June 1, 2003, sha11 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 ten annual principal installments that are substantially equal. The first installment of irrterest on the Bonds is estimated to be payable on December l, 2003, and the first principal installment on the Bonds is estimated to be payable on December 1, 2004. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (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 November 19, 2002, and shall mahue on 7une 18, 2003; provided that the Director of Finance may, if she 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