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CITY OF NORTH OLMSTED ORDINANCE NO. 95-127 BY: Mr. Lind . ?v..: AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $175,000 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY COSTS OF THE FINAL 3UDGMENT RENDERED AGAINST THE CITY IN CIVIL ACTION NUMBER 1:95CV1109 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN DIVISION, AND DECLARING AN EMERGENCY. WHEREAS, on July 11, 1995, the United States District Court for the Northern District of Ohio, Eastern Division, in Civil Action Number 1:95CV1109 entered a final judgment requiring the City to pay a civil penalty of $175,004 as settlement for claims by the United States Environmental Protection Agency and the State of Ohio alleging violations by the City of the Clean Water Act, Administrative Orders and Permit limitations relating to the discharge of pollutants from the City's wastewater treatment plant; and WHEREAS, this Council has determined that the amount of the final judgment rendered against the City in that Action, together with interest thereon and certain other related costs, will be approximately $175,000; and WHEREAS, within the limits of the City's funds that have been appropriated and are available for the purpose, the City is unable to pay that final judgment; and WHEREAS, it is therefore necessary and proper for this City to bonow the money required to pay that final judgment; and WHEREA5, the City is authorized, pursuant to Section 135.14 of the Ohio Revised Code, to borrow money for that purpose and to issue bonds, and notes in anticipation of the issuance of bonds, to evidence that borrowing; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the maximum maturity of the Bonds described in Section 1 is twenty-five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is twenty 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 maximum aggregate principal amount of $175,000 (the Bonds) for the purpose of providing funds to pay costs of the final judgment rendered against the City in Civil Action Number 1:95CV1109 in the United States District Court for the Northern District of Ohio, Eastern Division. Section 2. The Bonds shall be dated approximately June 1, 1996, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is D03: [00523. DOCS. NOR05224]JUDGMENT_ORD.