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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-89
<br />BY: Councilmember Lind
<br />AN ORDINANCE AMENDING ORDINANCES NO.
<br />95-64, NO. 95-65, NO. 95-66, NO. 95-69, NO. 95-70,
<br />NO. 95-71, NO. 95-72, NO. 95-73, NO. 95-74, NO.
<br />95-75, NO. 95-76, NO. 95-77, NO. 95-78, NO. 95-79,
<br />NO. 95-50, NO. 95-81, NO. 95-82, NO. 95-83 AND
<br />NO. 95-84, AND DECLARING AN EMERGENCY.
<br />WHEREAS, on May 16, 1995, this Council passed Ordinances No. 95-64, No.
<br />95-65 and No. 95-66 (collectively, the May 16, 1995 Ordinances) providing for the issuance and
<br />sale of general obligation bond anticipation notes for the purpose of constructing certain
<br />permanent improvements; and
<br />WHEREAS, on this date, but prior to the passage of this ordinance, this Council
<br />passed Ordinances No. 95-69, No. 95-70, No. 95-71, No. 95-72, No. 95-73, No. 95-74, No.
<br />95-75, No. 95-76, No. 95-77, No. 95-78, No. 95-79, No. 95-80, No. 95-81, No. 95-82, No.
<br />95-83 and No. 95-84 (collectively, the June 6, 1995 Ordinances) providing for the issuance and
<br />sale of general obligation bond anticipation notes for the purpose of retiring the City's general
<br />obligation bond anticipation notes issued on June 22, 1994, August 19, 1994 and October 18,
<br />1994 (collectively, the Outstanding 1994 Notes) that were originally issued for the purpose of
<br />acquiring and constructing certain other permanent improvements; and
<br />WHEREAS, each of the May 16, 1995 Ordinances and each of the June 6, 1995
<br />Ordinances (collectively, the Ordinances) provides for the notes authorized thereby to be dated
<br />as of the date of their issuance and to mature on June 20, 1995, and
<br />WHEREAS, consistent with the recommendation of the City's investment banker,
<br />NatCity Investments, Inc., based on current conditions in the market, this Council has
<br />determined that it is in the best interest of the City to amend each of the Ordinances to provide
<br />that the maturity date for the notes authorized thereby shall be to a date not less than nine
<br />months or more than one year from the date of issuance, as determined by the Director of
<br />Finance to be necessary or advisable to the sale of the notes, and set forth in his certificate
<br />awarding the sale of the notes (the Certificate of Award) and thereby to provide flexibility in the
<br />marketing of the notes;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. Section 4 of Ordinance No. 95-64, as passed on May 16, 1995, is hereby
<br />amended to read as follows:
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve
<br />Funds of the United States of America, without deduction for services of the City's
<br />paying agent, at the principal corporate trust office of National City Bank,
<br />Cleveland, Ohio (the Paying Agent). The Notes shall be dated the date of issuance
<br />and shall mature one year from the date of issuance, provided that the Director of
<br />Finance may, if it is determined to be necessary or advisable to the sale of the
<br />D03: [00523.DOCS. NOR05223]AMENDING_ORDINANCE.
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