84-076 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE N0. 84- 76 BY: AN ORDINANCE AMENDING SECTION 3 OF ORDINANCE N0. 84-71 ENTITLED "AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $54,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING MOTOR VEHICLES FOR THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY" AND DECLARING AN EMERGENCY. WHEREAS, this Council previously adopted Ordinance No. 84-71 on July 31, 1984 authorizing the issuance and sale of general obligation bond antici- pation notes of this City in the aggregate principal amount of $54,000; and WHEREAS, that Ordinance made provision for an "after-maturity" inter- est rate which the notes could bear if such an interest rate was requested by the purchaser of the notes; and WHEREAS, it has come to the attention of this Council that such a provision may cause concern in the financial markets and thereby affect the City's ability to sell those notes on terms favorable to the City; and WHEREAS, it is therefore necessary, proper and appropriate to remove the language authorizing an after-maturity interest rate from that Ordinance in order to make certain that the existence of such a provision will not cause difficulty for the City in issuing and selling its notes on the terms most favorable to the City and its citizens; and WHEREAS, it is therefore necessary, proper and appropriate to amend Section 3 of aforesaid Ordinance No. 84-71 in the manner hereinafter set forth; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, County of Cuyahoga, State of Ohio, that: Section 1. Section 3 of Ordinance No. 84-71, passed by this Council on July 31, 1984, as it was passed, be and the same is hereby amended to read as follows : "Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $54,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the outstanding notes dated March 8, 1984. The Notes shall bear interest at a rate or rates not to exceed 13% per annum, payable at maturity. The rate or rates of interest on the Notes shall be deter- mined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance." Section 2. Section 3 of Ordinance No. 84-71, as it was passed by this Council on July 31, 1984, be and the same is hereby repealed. Section 3. This Council hereby finds and determines that all formal actions of this Council concerning and relating to the passage of this ordi- nance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements including Section 121.11 of the Revised Code.