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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 89- 29
<br />BY: COUNCILMEN WILAMOSKY, BOHLMANN, TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $205,000 NOTES, IN ANTICIPATION OF THE ISSUANCE
<br />OF BONDS, TO PAY COSTS OF ACQUIRING AN EMERGENCY
<br />RESCUE VEHICLE AND EQUIPMENT, INCLUDING TURN OUT
<br />GEAR, AIR PACKS AND TANKS, RADIO EQUIPMENT, HOSES
<br />AND NOZZLES, FOR USE IN CARRYING OUT FUNCTIONS OF
<br />THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC
<br />SAFETY.
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or usefulness of each class
<br />of the improvements described in Section 1 is at least five years, the maximum
<br />maturity of the bonds described in Section 1 is at least five years, and the
<br />maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the bonds, is ten years, or one year if sold at private sale;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggre-
<br />gate principal amount of $205,000 (the Bonds) to pay costs of acquiring an
<br />emergency rescue vehicle and equipment, including turn out gear, air packs and
<br />tanks, radio equipment, hoses and nozzles, for use in carrying out functions
<br />of the Division of Fire of the Department of Public Safety.
<br />Section 2. The Bonds shall be dated approximately May 1, 1990, shall
<br />bear interest at the now estimated rate of 8Y per year, payable semi-annuallq
<br />until the principal amount is paid, and shall mature in five substantially
<br />equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $205,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds. The Notes shall bear
<br />interest at a rate or rates not to exceed 10~ per year (computed on a 360-day
<br />per year basis), payable at maturity and until the principal amount is paid or
<br />payment is provided for. If requested by the original purchaser, the Notes
<br />may provide that, in the event the City does not pay or make provision for
<br />payment at maturity of the principal of and interest on the Notes, the
<br />principal amount of the Notes shall bear interest at a different rate or rates
<br />not to exceed 13% per year from the maturity date until the City pays or makes
<br />provision to pay that principal amount. The rate or rates of interest on the
<br />Notes shall be determined by the Director of Finance in the certificate
<br />awarding the Notes in accordance with Section 6 of this ordinance.
<br />Section 4. The principal of and interest on the Notes shall be pay-
<br />able in lawful money of the United States of America, or in Federal Reserve
<br />funds of the United States of America if so requested by the original pur-
<br />chaser. The principal of and interest on the Notes shall be payable, without
<br />deduction for services of the City's paying agent, at the main office of
<br />National City Bank, Cleveland, Ohio, or at the principal office of a bank or
<br />trust co-npany requested by the original purchaser of the Notes, provided that
<br />such request shall be approved by the Director of Finance after determining
<br />that the payment at that bank or trust company will not endanger the funds or
<br />securities of the City and that proper procedures and safeguards are available
<br />for that purpose. The Notes shall be dated the date of issuance, and shall
<br />mature one year from the date of issuance.
<br />Section 5. The Notes shall be signed by the Mayor and Director of
<br />Finance, in the name of the City and in their official capacities, provided
<br />that one of those signatures may be a facsimile, and bear the corporate seal
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