2003-053 Ordinance - Laserfiche WebLink

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....? £... . . 14 .: CITY OF NORTH OLMSTED ORDINANCE NO. 2003-53 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 CpSTS OF ACQUIRING A FIRE PUMPER AND OTHER RELATED FIRE APPARATUS AND EQUIPMENT, AND DECLARING AN EMERGENCY. WI-IF-REAS, pursuant to Ordinance No. 2001-59 passed on May 15, 2001, notes in arrticipation of bonds in the amount of $300,000, dated November 29, 2001, were issuei for the apparatus and equipment described in Section l, which Notes were retired at maturity with funds available to the City and the proceeds of $200,000 of notes dated November 19, 2002 (the Outstanding Notes), issued in arnicipation of bonds pursuant to Ordinance No. 2002-145 passed on November 6, 2002, which Outstanding Notes are to mature on June 18, 2003; 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 Crty; and WI-EREAS, 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 ec}uipmerrt described in Section 1 is at least five years, the estimated maximum ma.turity 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 anticipation of the Bonds, is November 29, 2016; NOW, THEREF4RE, 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 amourn of $200,000 (the Bonds) to pay costs of acquiring a fire pumper and other related fire apparatus and equipment. Section 2. The Bonds shall be dated approximately June 1, 2004, sha11 bear interest at the now estimated rate of 41/o per year, payable semiannually until the principal amount is paid, and aze estimated to mature in ten annual principal installments that aze substantially equal. The first principal installmeirt on the Bonds is estimated to be payable on December l, 2005, and the first interest installmern 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) sha11 he 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 the date of their issuance, and sha11 mature one year from the date of their issuance;