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<br />BY:
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 83
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $75,000 BONDS TO PAY COSTS OF ACQUIRING AND
<br />INSTALLING TELEPHONE EQUIPMENT AND NECESSARY
<br />APPURTENANCES THERETO FOR USE BY THE CITY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-25 passed September 29, 1982,
<br />notes in anticipation of bonds in the amount of $90,000, dated October 27,
<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 />$75,000 notes, dated September 22, 1983, issued in anticipation of bonds pur-
<br />suant to Ordinance No. 83-105 passed September 6, 1983, which notes were also
<br />retired at maturity with the proceeds of $75,000 notes, dated September 19,
<br />1984, issued in anticipation of bonds pursuant to Ordinance No. 84-70 passed
<br />July 31, 1984, as amended by Ordinance No. 84-75 passed August 23, 1984, which
<br />notes are to mature on September 19, 1985; and
<br />WHEREAS, this Council has determined that it is in the best interest
<br />of the City to cause bonds to be issued in October, 1985 to provide funds to
<br />retire several issues of bond anticipation notes and to offer and sell such
<br />bonds at one time and pursuant to a common plan of marketing; and
<br />WHEREAS, this Council therefore finds and determines it to be neces-
<br />sary and in the best interest of the City to authorize, by a separate ordi-
<br />nance, the issuance of short-term renewal notes (Renewal Notes) to provide
<br />funds to retire at maturity the outstanding notes and to authorize by this
<br />ordinance the issuance of the bonds described in Section 1 to provide funds to
<br />retire the Renewal Notes at their maturity; 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 im-
<br />provement described in Section 1 is at least five years and the maximum matu-
<br />rity of the bonds referred to in Section 1 is five years;
<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 aggregate principal amount of $75,000 to pay costs of acquiring and
<br />installing telephone equipment and necessary appurtenances thereto for use by
<br />the City.
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered Bonds registered as to both principal and interest, in the denomi-
<br />nations of $5,000 or any integral multiple thereof but not exceeding the prin-
<br />cipal amount of the Bonds maturing on any one date; and shall be dated as of
<br />October 1, 1985.
<br />The Bonds shall bear interest at the rate of 10% per annum, payable
<br />on June 1 and December 1 of each year (the Interest Payment Dates), commencing
<br />December 1, 1985, until the principal amount has been paid or provided for.
<br />However, if the Bonds are sold bearing a different rate of interest than
<br />stated above, the Bonds shall bear that rate of interest as specified in the
<br />ordinance of Council providing for the award of the Bonds. The Bonds shall
<br />bear interest from the most recent date to which interest has been paid or
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