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r F CITY OF NORTH OLMSTED ORDINANCE NO. 95-82 BY: Councilmember Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $90,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING MOTOR VEHICLES, INCLUDING FOUR PICKUP TRUCKS AND THREE AUTOMOBILES, FOR USE IN CARRYING OUT CITY SERVICES AND FUNCTIONS, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 94-40, passed on March 1, 1994, as amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in the amount of $90,000 (the 1994 Notes) were issued for the purpose described in Section 1, as a part of a consoiidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated June 22, 1994, which 1994 Notes are to mature on June 22, 1995; and WHEREAS, this Council finds and determines that the City should retire the 1994 Notes with the proceeds of the Notes described in Section 3; 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 vehicles described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 22, 2004; 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 $90,000 (the Bonds) for the purpose of acquiring motor vehicles, including four pickup trucks and three automobiles, for use in carrying out City services and functions. Section 2. The Bonds shall be dated approximately June l, 1996, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in five annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1997. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $90,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the 1994 Notes. The Notes shall beaz interest at a rate not to exceed 7-1/2% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be D03:[00523.DOCSNOR05223]ORD_MOTOR VEH_$90. ».....-;v"P.a" .14101"Irf" I" ?k?- - - ??'? " .,