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AW ,
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-76
<br />BY: Councilmember Lind
<br />
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $385,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF ACQUIRING MOTOR VEHICLES AND
<br />EQUIPMENT, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, FOR USE IN
<br />CARRYING OUT FUNCTIONS OF THE
<br />DEPARTMENT OF PUBLIC SERVICE, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREA5, pursuant to Ordinance No. 91-86, passed on June 18, 1991, notes in
<br />anticipation of bonds in the amount of $125,000 were issued for the purpose of acquiring a
<br />motor vehicle for use in carrying out functions of the Department of Public Service, as a part
<br />of a consolidated issue of $4,200,000 Various Purpose Notes, Second Series, dated July 31,
<br />1991, which notes were retired with the proceeds of $125,000 notes, issued in anticipation of
<br />bonds pursuant to Ordinance No. 92-33, passed on April 7, 1992, as amended by Ordinance No.
<br />92-41, passed on April 21, 1992, as a part of a consolidated issue of $4,200,000 Various
<br />Purpose Notes, First Series, dated Apri123, 1992, which notes were retired at maturity with the
<br />proceeds of $125,000 notes (the 1992 Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 92-160, passed on November 4, 1992, as a part of a consolidated issue of
<br />$5,100,000 Various Purpose Notes, Series 1992, dated December 16, 1992; and
<br />WHEREAS, pursuant to Ordinance No. 93-48, passed on April 20, 1993, notes in
<br />anticipation of bonds in the amount of $260,000 were issued for the purpose of acquiring, for
<br />use by the Department of Public Service, two two and one-half-ton trucks, a three-ton tandem
<br />dump truck, a one-half ton pickup truck, a one-ton chipper truck, a sweeper and a small loader
<br />backhoe, together with the necessary appurtenances thereto, as a part of a consolidated issue of
<br />$510,000 Various Purpose Notes, Series 1993A, dated May 25, 1993, which notes were retired
<br />at maturity with the proceeds of $260,000 notes (the 1994A Notes) issued in anticipation of
<br />bonds pursuant to Ordinance No. 94-4, passed on January 4, 1994, as a part of a consolidated
<br />issue of $2,510,000 Various Purpose Notes, Series 1994A, dated January 19, 1994; and
<br />WHEREAS, the 1992 Notes and the 1994A Notes were retired at maturity with the
<br />proceeds of $385,000 notes (the Outstanding 1994 Notes) issued in anticipation of bonds
<br />pursuant to Ordinance No. 94-133, passed on September 20, 1994, as a part of a consolidated
<br />issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E, dated October 18,
<br />1994, which Outstanding 1994 Notes are to mature on July 20, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding 1994 Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to this
<br />Council that the estimated life or period of usefulness of the vehicles and equipment described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />D03:[00523.DOCS.NOR05223]ORD VEHICLES $3S5
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