|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 95-72
<br />BY: Councilmember Lind
<br />4*111,
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND 5ALE OF $3,360,000 NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF CONSTRUCTING,
<br />FURNISHING AND EQUIPPING A FIRE STATION
<br />AND ACQUIRING, PREPARING, IMPROVING AND
<br />EQUIPPING ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREA5, pursuant to Ordinance No. 93-72, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $400,000 were issued for the purpose of acquiring real
<br />estate and paying costs of constructing a fire station thereon, as a part of a consolidated issue
<br />of $3,450,000 Various Purpose Notes, Series 1993B, dated June 24, 1993, which notes were
<br />retired at maturity with the proceeds of $400,000 notes issued in anticipation of bonds pursuant
<br />to Ordinance No. 94-51, passed on March 1, 1994, as a part of a consolidated issue of
<br />$3,600,000 Various Purpose Notes, Series 1994B, dated March 23, 1994, which notes were
<br />retired at maturity with the proceeds of $400,000 notes (the 1994E Notes) issued in anticipation
<br />of bonds pursuant to Ordinance No. 94-136, passed on 5eptember 20, 1994, as a part of a
<br />consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E, dated
<br />October 18, 1994, which 1994E Notes are to mature on July 20, 1995; and
<br />WHEREAS, pursuant to Ordinance No. 94-104, passed on July 5, 1994, notes in
<br />anticipation of bonds in the amount of $2,960,000 (the 1994D Notes and, together with the
<br />1994E Notes, collectively, the Outsta.nding 1994 Notes) were issued for the purpose of
<br />constructing, furnishing and equipping a fire station and preparing, improving and equipping its
<br />site, as a part of a consolidated issue of $3,360,000 Various Purpose Improvement Notes, Series
<br />1994D, dated August 19, 1994, which 1994D Notes are to mature on August 17, 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 each class of improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bands, is June 24, 2013;
<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 $3,360,000 (the Bonds) for the purpose of constructing, furnishing and equipping a
<br />fire station and acquiring, preparmg, improving, and equipping its site.
<br />D03:[00523.DOC5NOR05223]ORD_FIRE STATI0I3_400
<br />.•aa.?.' ? ? . .. ? _. _ .. ..
|