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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 81-120
<br />BY ?'4R. G7ILAMOSKY
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<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE
<br />TO REPLACE A RECREATIONAL FACILITIES NOTE OF THE
<br />CITY DATID JUNE 6, 1980, WHICH NOTE HAS BEEN
<br />LOST, AND DECLARING AN EMERGENCY.
<br />WHEREAS, this Council has been presented with an affidavit
<br />evidencing the loss of the following note issued by the City of North
<br />Olmsted, Ohio:
<br />Note No. 33 of the denomination of $25,000,
<br />dated June 6, 1980, maturing on June 5, 1981,
<br />bearing interest at the rate of 8% per annum,
<br />payable at maturity, and thereafter at the
<br />rate of 10-1/2% per annum, until the principal
<br />sum is paid, being part of an issue of Recrea-
<br />tional Facilities Notes of the City of North
<br />Olmsted, Ohio, dated June 6, 1980;
<br />WHEREAS, an indemnity bond has been presented to this Council
<br />holding the City, this Council, the Mayor, the Director of Finance,
<br />McDonald & Company and National City Bank, as paying agent, harmless
<br />against all loss or liability for or on account of the note so lost and
<br />in an amount equal to the principal of and interest presently due and
<br />owing on the above mentioned note, which indemnity bond is hereby
<br />determined to be satisfactory to protect the City and the aforementioned
<br />officers and entities;
<br />NOW, THEREFORE BE IT ORDAINED by the Council of the City of
<br />North Olmsted, State of Ohio:
<br />Section 1. That pursuant to the authority granted in Section
<br />133.40 of the Ohio Revised Code and pursuant to the assurances received
<br />by this Council described above, there shall be issued a duplicate note
<br />numbered 33, maturing on June 5, 1981, upon the same terms and conditions
<br />as the original note of the series issued pursuant to Ordinance No. 80-58
<br />duly passed by this Council on May 6, 1980. The duplicate note shall be
<br />executed by the signatures of the current Mayor and the current Director
<br />of Finance and by affixing the Mayor's seal.
<br />Section 2. Said note shall express clearly upon its face that
<br />it is a duplicate note, and that it is issued pursuant to this ordinance.
<br />Said note shall be dated the date of its issuance but as of June 6, 1980.
<br />Section 3. It is hereby determined that all acts, conditions
<br />and things required to be done precedent to and in the issuance of said
<br />note in order to make it a legal, valid and binding obligation of this
<br />City, have happened, been done and performed in regular and due form as
<br />required by law; and the Director of Finance is hereby directed to have
<br />said duplicate note printed and, together with the Mayor, to execute and
<br />deliver said duplicate note to affiant upon payment by affiant of the
<br />reasonable expenses incurred by this City in the authorization, issuance,
<br />printing and delivery of said duplicate note.
<br />Section 4. It is found and determined that all formal actions of
<br />this Council concerning and relating to the passage of this ordinance were
<br />adopted in an open meeting of this Council, and that all deliberations of
<br />this Council and of any of its committees that resulted in such formal
<br />action, were in meetings open to the public, in compliance with all
<br />legal requirements including Section 121.22 of the Ohio Revised Code.
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