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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: 81-52
<br />gy; Mft. WILAMOSKY
<br />AN ORDINAIVCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PURCHASE TWO AMBULANCES AND A FIRE PUMPER
<br />FOR THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY,
<br />AND DECLARING AN EMERGE NCY.
<br />WHEREAS, pursuant to Ordinance No. 76-105 passed September 7, 1976,
<br />notes in anticipation of the issuance of bonds in the amount of $175,000,
<br />dated October 12, 1976, were issued for the purpose hereinafter stated,
<br />which were retired at maturity with the proceeds of $175,000 notes dated
<br />October 12, 1977, issued in anticipation of the issuance of bonds pursuant
<br />to Ordinance No. 77-146 passed October 4, 1977, which were retired at
<br />maturity with funds available to the City and the proceeds of $150,000 notes
<br />dated October 12, 1978, issued in anticipation of the issuance of bonds
<br />pursuant to Ordinance No. 78-109, passed October 3, 1978, which were retired
<br />at maturity with funds available to the City and the proceeds of $125,000
<br />notes dated October 12, 1979, issued in anticipation of the issuance of
<br />bonds pursuant to Ordinance No. 79-115, passed October 2, 1979, which were
<br />also retired at maturity with funds available to the City and the proceeds
<br />of a$100,000 note dated June 6, 1980, issued in anticipation of the issuance
<br />of bonds pursuant to Ordinance No. 80-57, passed May 6, 1980, which note
<br />is to mature on June 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 note 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 equipment hereinafter
<br />mentioned is at least five years, and that the maximum maturity of the bonds
<br />hereinafter referred to is 10 years, and the maximum maturity of the notes
<br />hereinafter referred to, to be issued in anticipation of said bonds is eight
<br />years from the date of the original issue, to wit: October 12, 1984 if
<br />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 $90,000 for the purpose
<br />of providing funds to purchase two ambulances and a fire pumper for the
<br />Division of Fire of the 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 nine per centum (9%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in 10 substantially equal annual installments after their issua.nce.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $90,000 shall
<br />be issued in anticipation of such bonds and to retire, together with other
<br />funds available to the City, the outstanding note dated June b, 1980. Such
<br />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,
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