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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-75
<br />BY: Councilmember Lind
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<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $570,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF ACQUIRING MOTOR VEHICLES AND
<br />EQUIPMENT FOR USE IN CARRYING OUT
<br />FUNCTIONS OF THE DEPARTMENT OF PUBLIC
<br />SERVICE, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 94-39, passed on March 1, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $570,000 (the 1994 Notes) were issued for the purpose described in Section 1,
<br />as a part of a consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series
<br />1994C, dated June 22, 1994, which 1994 Notes are to mature on June 22, 1995; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />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
<br />this Council that the estimated life or period of usefulness of the motor vehicles and equipment
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is five years, and the maximum maturity of the Notes described in Section
<br />3, to be issued in anticipation of the Bonds, is June 22, 2004;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $570,000 (the Bonds) for the purpose of acquiring motor vehicles and equipment,
<br />including a Vac-All truck, four dump trucks, an aerial platform truck, an aerial lift truck and
<br />a stake body truck and related equipment, a trailer, a brush chipper, a drum and rotor lathe and
<br />a wheel balancer, for use in carrying out functions of the Department of Public Service.
<br />Section 2. The Bonds shall be dated approximately June 1, 1996, shall beaz
<br />interest at the now estimated rate of 6% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature m five annual principal mstallments that are
<br />substantially equal. The first principal installment is estimated to be payable on December 1,
<br />1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $570,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed
<br />7-1/2% per year (computed on a 360-day per year basis), payable at maturity and until the
<br />principal amount is paid or payment is provided for. The rate of interest on the Notes shall be
<br />D03:[00523.DOCS.NOR05223]ORD EQUIP $570.
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