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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 84- 68
<br />BY: _)Xi(_ w ?
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$3,050,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR TIiE PURPOSE OF CONSTRUCTING, FURNISHING AND EQUIPPING A
<br />COMBINED BUS GARAGE, SERVICE GARAGE AND M[JNICIPAL ADMINIS-
<br />TRATION BUILDING AND IMPROVING TAE SITE THEREOF, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-37 passed October 5, 1982,
<br />notes in anticipation of bonds in the amount of $3,200,000, dated November 10,
<br />1982, were issued for the purpose stated in Section 1, which notes were
<br />retired at maturity with funds available to the City and the proceeds of
<br />$3,050,000 notes, dated November 10, 1983, issued in anticipation of bonds
<br />pursuant to Ordinance No. 83-115 passed October 18, 1983, which notes are to
<br />mature on September 20, 1984; and
<br />WHEREAS, this Council finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes described in Section 1; and
<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 the
<br />improvement described in Section 1 is at least five years, the maximum matu-
<br />rity of the bonds referred to in Section 1 is twenty years, and the maximum
<br />maturity of the notes referred to in Section 3, to be issued in anticipation
<br />of the bonds, is November 10, 2002, or one qear 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 (the Bonds)
<br />in the principal amount of $3,050,000 for the purpose of constructing, fur-
<br />nishing and equipping a combined bus garage, service garage and municipal
<br />administration building and improving the site thereof.
<br />Section 2. The Bonds shall be dated approximately August 1, 1985,
<br />shall bear interest at the now estimated rate of 13% per annum, payable semi-
<br />annually until the principal amount is paid, and shall mature in twenty
<br />substantially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $3,050,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire the out-
<br />standing notes dated November 10, 1983. The Notes shall bear interest at a
<br />rate or rates not to exceed 137 per annum, payable at maturity. If requested
<br />by the original purchaser the Notes may provide that, in the event the Citq
<br />does not make provision for payment at maturity of the principal of and
<br />interest on the Notes, the principal amount of the Notes shall bear interest
<br />at a different rate or rates not to exceed 137 per annum from the ma.turity
<br />date until the City makes provision to pay that principal amount. The rate or
<br />rates of interest on the Notes shall be determined by the Director of Finance
<br />in the certificate awarding the Notes in accordance with Section 6 of this
<br />ordinance.
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