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CITY OF NORTH OLMSTED ORDINANCE N0. 84- 70 BY: 1? , ?? AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $75,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING AND INSTALLING TELEPHONE EQUIPMENT AND NECESSARY APPURTENANCES THERETO FOR USE BY THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 82-25 passed September 29, 19821 notes in anticipation of bonds in the amount of $90,000, dated October 279- 1982, were issued for the purpose stated in Section 1, which notes were retired at maturity with funds available to the City and the proceeds of $75,000 notes, dated September 22, 1983, issued in anticipation of bonds pursuant to Ordinance No. 83-105 passed September 6, 1983, which notes are to mature on September 20, 1984; and WHEREAS, this Council finds and determines it to be in the best interest of the City to retire at maturity the outstanding notes with the proceeds of the notes described in Section 1; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or usefulness of the improvement described in Section 1 is at least five years, the maximum matu- rity of the bonds referred to in Section 1 is five years, and the maximum maturity of the notes referred to in Section 3, to be issued in anticipation of the bonds, is October 27, 2002, or one year if sold at 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 (the Bonds) in the principal amount of $75,000 to pay costs of acquiring and installing telephone equipment and necessarq appurtenances thereto for use by the City. Section 2. The Bonds shall be dated approximately August 1, 1985, shall bear interest at the now estimated rate of 11% per annum, payable semi- annually until the principal amount is paid, and shall mature in five sub- stantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $75,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the outstanding notes dated September 22, 1983. The Notes shall bear interest at a rate or rates not to exceed 13% per annum, payable at maturity. If requested by the original purchaser the Notes may provide that, in the event the City does not 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 annum from the maturity date until the City 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.