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<br />CITY OF
<br />ORDINANCE
<br />BY :
<br />AN ORDINANCE AUTHORIZING THE
<br />ANTICIPATION OF THE ISSUANCE
<br />PROVIDING FUNDS TO PURCHASE
<br />FOR THE DEPARTMENT OF PUBLIC
<br />EMERGENCY.
<br />NORTH OLMSTED
<br />NO.: 81 - 101
<br />ISSUANCE OF NOTES IN
<br />OF BONDS FOR THE PURPOSE OF
<br />40TORIZED VEHICLES AND EQUIPMENT
<br />SAFETY, AND DECLARING AN
<br />WHEREAS, pursuant to Ordinance No. 80-103 passed September 2, 1980,
<br />notes in anticipation of bonds in the amount of $190,000, dated September
<br />24, 1980, were issued for the purpose hereinafter stated, which notes are
<br />to mature one year from date; and
<br />WHEREAS, this Council hereby finds and determines it to be in the
<br />best interest of the City to retire at maturity the outstanding notes with
<br />the proceeds of the notes herein authorized; and
<br />WHEREAS, the Director of Finance as fiscal officer has certified
<br />to this Council that the estimated life of the vehicles and equipment
<br />hereinafter mentioned is at least five years, and that the maximum maturity
<br />of the bonds hereinafter referred to is five years, and the maximum maturity
<br />of the notes hereinafter referred to, to be issued in anticipation of said
<br />bonds is eight years from the date of the original issue, to wit: September
<br />24, 1988 if sold publicly, or one year if sold privately.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds
<br />of the City of North Olmsted in the principal sum of $190,000 for the purpose
<br />of providing funds to purchase motorized vehicles and equipment for the
<br />Department of Public Safety.
<br />SECTION 2. That such bonds shall be dated approximately June 1,
<br />1982, shall bear interest at the estimated rate of eleven per centum (lly)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in five substantially equal annual installments after their issuance.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $190,000 shall
<br />be issued in anticipation of such bonds and to retire the outstanding notes
<br />dated September 24, 1980. Such anticipatory notes shall bear interest at
<br />a rate or rates not to exceed the maximum interest rate per annum permitted
<br />by law, payable at maturity, with provision, if requested by the purchaser,
<br />that in the event of default in the payment of the principal of such notes
<br />at maturity, such notes shall bear interest at a different rate or rates,
<br />but not exceeding the maximum interest rate per annum permitted by law,
<br />from the said maturity until the principal sum is paid. Such notes shall
<br />be dated September 24, 1981, and shall mature on June 3, 1982, but, if agreed
<br />to by the purchaser thereof, shall be issued subject to prepayment pr ior
<br />to maturity at par and accrued interest, and shall be issued in such numbers
<br />and denominations as may be requested by the purchaser thereof.
<br />SECTION 4. That such notes shall be executed by the Mayor and
<br />Director of Finance, one of whose signatures may be a facsimile, and bear
<br />the seal of the corporation or a facsimile of such seal; shall bear such
<br />numbers as designated by the Director of Finance; shall be payable at the
<br />main office of National City Bank, Cleveland, Ohio, without deduction for
<br />its services as the City's paying agent; shall be payable in lawful money
<br />or, if requested by the purchaser, in Federal Reserve funds of the United
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