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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. $4 -- 12
<br />BY :
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPA-
<br />TION OF THE ISSUANCE OF BONDS FOR THE PIIRPOSE OF ACQUIRING
<br />MOTOR VEHICLES FOR THE DEPARTMENT OF PUBLIC SAFETY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 83-10, duly passed by this Council
<br />on February 15, 1983, notes in anticipation of bonds in the principal amount
<br />of $54,000, dated March 8, 1983, were issued for the purpose hereinafter
<br />stated, which notes are to mature on March 8, 1984; and
<br />WHEREAS, to provide funds to retire the outstanding notes at their
<br />maturity, this Council has determined to issue the notes authorized herein;
<br />and
<br />WHEREAS, this Council has requested that the Director of Finance, as
<br />fiscal officer, certify to this Council the estimated life of the vehicles
<br />hereinafter mentioned, the maximum maturity of the bonds hereinafter referred
<br />to and the maximum maturity of any notes which may be issued in anticipation
<br />of said bonds, and the Director of Finance has certified that the estimated
<br />life of those vehicles is at least five years, that the maximum maturity of
<br />those bonds is five years, and that the maximum maturity of the notes to be
<br />issued in anticipation of such bonds is ten years from the date of the
<br />original issue, to wit: March 8, 1993, if sold at public sale or to one of
<br />the funds of the City, and 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, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $54,000 for the purpose of
<br />acquiring motor vehicles for the Department of Public Safety.
<br />SECTION 2. That such bonds shall be dated approximately September 1,
<br />1984, shall bear interest at the estimated rate of eight per centum (8x) per
<br />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 $54,000 shall be
<br />issued in anticipation of such bonds and to provide funds to retire the
<br />outstanding notes dated March 8, 1983. Such anticipatory notes shall bear
<br />interest at a rate or rates not to exceed ten and one-half per centum (10-
<br />1/2X) per annum, payable at maturity, with provision, if requested by the
<br />purchaser, that in the event of default in the payment of the principal of
<br />such notes at maturity, such notes shall bear interest at a different rate or
<br />rates, but not exceeding ten and one-half per centum (10-1/2y) per annum, from
<br />the said maturity until the principal sum is paid. Such rate or rates shall
<br />be fixed by the Director of Finance in his certificate awarding the notes in
<br />accordance with Section 5 hereof. Such notes shall be dated March 8, 1984,
<br />and shall mature on September 20, 1984, but, if agreed to by the purchaser
<br />thereof, shall be issued subject to prepayment prior to maturity at par and
<br />accrued interest, and shall be issued in such numbers and denominations as may
<br />be requested bq the purchaser thereof.
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