|
E. '
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 88
<br />BY: 1/(
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$3,050,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING AND
<br />EQUIPPING A COMBINED BUS GARAGE, SERVICE GARAGE AND
<br />MUNICIPAL ADMINISTRATION BUILDING AND IMPROVING THE SITE
<br />THEREOF, AND DECLARING AN EMERGENCY.
<br />WfiEREAS, pursuant to Ordinance No. 82-137 passed October 5, 19820
<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 were
<br />also retired at maturity with the proceeds of $3,050,000 notes, dated
<br />September 19, 1984, issued in anticipation of bonds pursuant to Ordinance No.
<br />84-68 passed July 31, 1984, as amended by Ordinance No. 84-73 passed
<br />August 23, 1984, which notes are to be mature on September 19, 1985; 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 3; 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
<br />maturity of the bonds referred to in Section 1 is twenty years, and the
<br />maximum maturity of the notes referred to in Section 3, to be issued in
<br />anticipation of the bonds, is November 10, 2002, or one year if sold at
<br />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,
<br />furnishing 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 October 1, 1985,
<br />shall bear interest at the now estimated rate of 10% 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
<br />outstanding notes dated September 19, 1984. The Notes shall bear interest at
<br />a rate or rates not to exceed 8% per annum, payable at maturity. 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.
<br />Section 4. The principal of and interest on the Notes shall be
<br />payable 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
<br />purchaser. The principal of and interest on the Notes shall be payable,
<br />without deduction for services of the City's paying agent, at the main office
|