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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-73
<br />BY: Councilmember Lind
<br />nks?
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $750,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />FIRE TRUCKS, TOGETHER WITH THE NECESSARY
<br />EQUIPMENT AND APPURTENANCES THERETO, FOR USE
<br />IN CARRYING OUT FUNCTIONS OF THE DIVISION OF
<br />FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-49, passed on April 20, 1993, notes in
<br />anticipation of bonds in the amount of $250,000 were issued for the purpose of acquiring a fire
<br />truck, together with the necessary equipment and appurtenances thereto, as a part of a
<br />consolidated issue of $510,000 Various Purpose Notes, Series 1993A, dated May 25, 1993,
<br />which notes were retired at maturity with the proceeds of $250,000 notes issued in anticipation
<br />of 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, which notes
<br />were retired at maturity with the proceeds of $250,000 notes (the 1994E Notes) issued in
<br />anticipation of bonds pursuant to Ordinance No. 94-137, passed on September 20, 1994, as a
<br />part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E,
<br />dated October 18, 1994, which 1994E Notes are to mature on July 20, 1995; and
<br />WHEREAS, pursuant to Ordinance No. 94-38, 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 $500,000 (the 1994C Notes and, together with the 1994E Notes, collectively, the
<br />Outstanding 1994 Notes) were issued for the purpose of acquiring an aerial pumper fire truck,
<br />together with the necessary equipment and appurtenances thereto, for use in carrying out
<br />functions of the Division of Fire of the Department of Public Safety, as a part of a consolidated
<br />issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated June 22, 1994,
<br />which 1994C Notes are to mature on June 22, 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 fire apparatus described in Section
<br />1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is
<br />ten years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is May 25, 2008;
<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 $750,000 (the Bonds) for the purpose of acquiring fire trucks, together with the
<br />necessary equipment and appurtenances thereto, for use in carrying out functions of the Division
<br />of Fire of the Department of Public Safety.
<br />D03: [00523.DOCSNOR05223]ORD_FIltE_TRUCK_750.
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