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. t CITY OF NORTH OLMSTED ORDINANCE N0. 85- 82 BY: AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $120,000 BONDS FOR THE PURPOSE OF ACQUIRING MOTOR VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 85-62 passed June 5, 1985, notes in anticipation of bonds in the amount of $120,000, dated July 9, 1985, were issued for the purpose stated fn Section 1, to mature on November 11, 1985; 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 bonds 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 and the maximum maturity of the bonds referred to in Section 1 is five years; 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 aggregate principal amount of $120,000 for the purpose of acquiring motor vehicles and equipment for the Department of Public Safety. Section 2. The Bonds shall be issued in one lot and only as fully registered Bonds registered as to both principal and interest, in the denominations of $5,000 or any integral multiple thereof but not exceeding the principal amount of the Bonds maturing on any one date; and shall be dated as of October 1, 1985. The Bonds shall bear interest at the rate of 10% per annum, payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1985, until the principal amount has been paid or provided for. However, if the Bonds are sold bearing a different rate of interest than stated above, the Bonds shall bear that rate of interest as specified in the ordinance of Council providing for the award of the Bonds. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from October 1, 1985. The Bonds shall mature as follows: $20,000 on December 1, 1986 and $25,000 on December 1 of each of the years from 1987 through 1990, which maturities are deternained to be in substantially equal annual installments. The Bonds shall express on their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 3. The Bonds shall be signed by the Mayor and the Director of Finance in their official capacities (either or both of those signatures may be a facsimile), and shall bear the corporate seal of the City or a facsimile of that seal. No Bond shall be valid or obligatory for any purpose or shall be entitled to any security or benefit under this ordinance unless and until the certificate of authentication printed on the Bond is signed by the Bond Registrar (as defined in Section 4 below) as authenticating agent.