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~y~1/ CITY OF NORTH OLMSTED ~ f ORDINANCE N0. 89-30 / / I BY: COUNCILMEN WILAMOSKY, BOHLMANN, TALLON r~ AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $150,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF IMPROVING THE CITY'S STREET SYSTEM BY ACQUIRING AND INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES TO DIRECT AND CONTROL THE FLOW OF VEHICULAR AND PEDESTRIAN TRAFFIC. WHEREAS, the certified to this Cou improvement described maturity of the bonds maturity of the Notes the bonds, is fifteen Director of Finance as fiscal acil that the estimated life o in Section 1 is at least five described in Section 1 is ten described in Section 3, to be years, or one year if sold at officer of this City has r usefulness of the years, the maximum years, and the maximum issued in anticipation of private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $150,000 (the Bonds) to pay costs of improving the City's street system by acquiring and installing signals, signs and other equipment and devices to direct and control the flow of vehicular and pedestrian traffic. Section 2. The Bonds shall be dated approximately May 1, 1990, shall bear interest at the now estimated rate of 9% per year, payable semi-annually until the principal amount is paid, and shall mature in ten substantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $150,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 10% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the principal of and interest on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 13% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The principal of and interest on the Notes shall be pay- able in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original pur- chaser. Tlie principal of and interest on the Notes shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose. The Notes shall be dated the date of issuance, and shall mature one year from the date of issuance. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile, and bear 'the corporate seal of the City or a facsimile of that seal. The Notes shall be issued in the