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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: 81-53
<br />BY: MR. tiVILAI`OSKY
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PURCHASE MOTORIZED VEHICLES AND EQUIPMENT
<br />FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 79-76 passed July 3, 1979, notes
<br />in anticipation of the issuance of bonds in the aggregate amount of $160,000,
<br />dated July 24, 1979, were issued for the purpose hereinafter stated, which
<br />were retired at maturity with the proceeds of $160,000 notes dated July
<br />24, 1980, issued in anticipation of the issuance of bonds pursuant to
<br />Ordinance No. 80-74 passed July 2, 1980, which notes are to mature on June
<br />5, 1981; 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 other funds available to
<br />the City; 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 5 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: July
<br />24, 1987 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 $150,000 for the purpose
<br />of providing funds to purchase motorized vehicles and equipment for the
<br />Department of Public Service.
<br />SECTION 2. That such bonds shall be dated approximately June 1,
<br />1982, shall bear interest at the estimated rate of nine per centum (9X)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in 5 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 $150,000 shall
<br />be issued in anticipation of such bonds and to retire, together with other
<br />funds available to the City, the outstanding notes dated July 24, 1980.
<br />Such anticipatory notes shall bear interest at a rate or rates not to exceed
<br />the maximum interest rate per annum permitted by law in effect at the time
<br />of the award and sale of the notes, payable at maturity, with provision,
<br />if requested by the purchaser, that in the event of default in the payment
<br />of the principal of such notes at maturity, such notes shall bear interest
<br />at a different rate or rates, but not exceeding the maximum interest rate
<br />per annum permitted by law in effect at the time of the award and sale of
<br />the notes, from the said maturity until the principal sum is paid. Such
<br />notes shall be dated June 5, 1981, and shall mature on June 3, 1982, but,
<br />if agreed to by the purchaser thereof, shall be issued sub3ect to prepayment
<br />prior to maturity at par and accrued interest, and shall be issued in such
<br />numbers 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
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