2003-156 Ordinance - Laserfiche WebLink

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?. ? CITY OF NORTH OLMSTED ORDINANCE NO. 2003- 156 BY: COUNCILMAN nXAY .? 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. 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 thirteen years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. 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 June 1, 2004, 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, 2004, and the first principal installment on the Bonds is estimated to be payable on December l, 2005. 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. The Notes shall be dated the date of their issuance, and sha11 mature on June 17, 2004. The Notes shall bear interest at a rate not to exceed 4% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes sha11 be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award). Section 4. 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, at the main office of National City Bank, Cleveland, Ohio.